Indian PM Narendra Modi Endorses Blockchain Technology

Indian prime minister Narendra Damodardas Modi expressed support for the future of the Internet of Things and Blockchain technology at 22nd Edition of the World Congress on Information Technology (WCIT).

Rapid Adaptation of Technological Shifts

On February 19, 2018, The Prime Minister said disruptive technologies like blockchain and the Internet of Things (IoT) would have a significant impact on the way we work and live, and “rapid adaptation” at our workplaces will be required to keep it up with them.

Conversing via video conference followed by inaugurating the 22nd World Congress on Information Technology at Hyderabad, Modi said:

“We will require rapid adaptation in our workplaces. Skilling citizens for the workforce of future is important. In India, we have launched the National Skill Development Mission to prepare our children and youth for productive and bright future. We also need to ensure that our existing workforce is able to re-skill as new technologies emerge.”

The same message was reiterated on his official Twitter handle, which has more than 40.4 million followers.

The statement could have a massive effect on the industry, as more than 2,500 innovators, industry chiefs, government leaders, business executives and experts from 80 countries were present at the conference.

The World Congress on Information Technology event was held in cooperation with National Association of Software and Services Companies (NASSCOM), an Indian leadership forum.

At WCIT, NASSCOM also launched a skill development platform, dubbed FutureSkills. The platform, in line with the Indian Government’s skill development program, was inaugurated by Indian Prime Minister Narendra Modi. The Indian official iterated:

“Technology, if used well for public good, can deliver lasting prosperity to mankind and a sustainable future for our planet.”

The Blockchain Project for e-Governance

Recently, The Indian government has launched a The National Institution for Transforming India, also called NITI Aayog, a premier policy think tank for the Government.

NITI Aayog, incorporation with blockchain experts, has started working to prepare initial documents examining the technology as well as its influence in carrying out the transparency and usage in e-governance. The white paper, which is assumed to be launched online in one month, will welcome suggestions from readers.

Furthermore, the Indian state of Kerala is planning to launch a blockchain academy. Kerala Blockchain Academy is the country’s first blockchain academy started by The Management-Kerala (IIITM-K) and Indian Institute of Information Technology.

Modi, The Finance Minister, and Disruptive Technologies

On February 20, 2018, Sudin Baraokar, Head of Innovation for the State Bank of India, said:

“By 2030, traditional banking services could cease to exist with Blockchain. All services of banks can be replaced by Blockchain.”

Baraokar went on to say that the revolutionary technology can make tasks of banks easier when it comes to security and automation. Moreover, the digital ledger technology can also generate more employment opportunities in the banking sector.

The Government’s stand on virtual currency is now a bit more clear insofar as it is distinct from blockchain technology. In his national budget speech, for instance, the Indian Finance Minister Arun Jaitley explicitly said:

“The Government will take all measures to eliminate the use of crypto-assets in financing illegitimate activities. The Government will also explore the use of blockchain technology for ushering in the digital economy.”

Hopefully, the Prime Minister’s most recent statement on blockchain may reduce the recent FUD spread in the crypto world.

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