In the initial years, the official discourse around blockchain and Web3 revolved around applications in the Banking and Financial Services Industry (BFSI), with later developments indicating an approach towards broader consideration of its potential benefits and risks...
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December, 2021
A major objective was the development of a geographically distributed national level shared blockchain infrastructure that could host blockchain applications on areas of significance such as the agriculture supply chain, electronic health records, education certificate chain, and drug supply chain thereby providing Blockchain-as-a-Service. The strategy also noted the initial application of the framework for use in the e-governance domain with gradual transition to other areas based on defined policies and guidelines, and created working groups to initiate research to address pressing challenges in the blockchain domain with standards & interoperability, scalability & performance, consensus mechanisms, security & privacy, and secure smart contracts being a few.
January, 2020
The paper discussed a framework for blockchain use-case evaluation, considered implementation challenges, and explored various use cases for blockchain such as pharmaceuticals drugs supply chain, anti-fraud identity intelligence for educational certificates, and the immunization supply chain. The paper also recommended, inter alia, the creation of a national infrastructure for deployment of blockchain solutions, promotion of research and development in blockchain, and adoption of blockchain solutions for public procurement.
July, 2018
The regulations mandated Access Providers to establish, operate and maintain its own DLT networks or implement it in collaboration with others, with certain functionalities for regulating the delivery of commercial communications such as providing consumers with the option to register their preferences for commercial communication, maintaining a complete and accurate record of such preferences, and providing consumers the facility to record and revoke such consent.
January, 2017
It suggested a roadmap for prospective adoption of blockchain technology to Indian banking with a particular focus on Proof-of-Concept (PoC) implementation and testing for inter-bank applications such as centralized KYC, cross-border payments, syndication of loans, trade finance and clearing and settlement processes in capital markets. It also developed PoC of two use cases: Domestic Trade Finance with a sight letter of credit and 'Enhanced Information' payments (EIP).
