Various Indian news outlets have reported that the Ministry of Electronics and Information Technology (MeitY) is exploring web3 and building an Indian national blockchain infrastructure. In fact, it has been working on a project since June 2022 after updating its blockchain strategy in late 2021.
The project is not dissimilar to Europe’s EBSI and, to a lesser extent, the domestic arm of China’s Blockchain-based service network (BSN).
India’s project is called the Unified Blockchain Framework for offering National Blockchain Service and creation of Ecosystem. It aims to provide a blockchain-as-a-service infrastructure so that developers don’t have to worry about the heavy lifting involved in setting up blockchain nodes, their security and interoperability with other blockchains. It will also provide smart contract templates for a variety of use cases.
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