India Forms New Committee to Push Blockchain in Government

The Internet Mobile Association of India announced Oct. 15 that it would be forming a committee to push more government involvement in the blockchain ecosystem.

The group will identify opportunities and challenges and work with government, industry and #startups to develop the ecosystem.

IAMAI October 16, 2018.The groups stated goal is to "Identify opportunities and challenges and work with government, industry, and startups to develop the ecosystem," according to The Economic Times.

"Blockchain is undeniably the technology of the future, slated to bring decentralization, trust and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities and corporates."

Singh is the chief digital officer of Mahindra Finance, and other members of the committee bring some equally impressive credentials with them.

Blockchain Committee co-chair Prasanna Lohar echoed Singh's sentiments, saying the committee would look for ways to push innovation forward and make blockchain a "Radical change agent" in India's economy.

"Blockchain adoption will be achieved through building trust in the economic, social and environmental potential of the token and blockchain economy," said Lohar of the committee's goals, and added that "To reap blockchain benefits the technology will need to be developed responsibly within the right regulatory frameworks."

Despite a persistent negative outlook by the Indian government on cryptocurrencies, they do appear to be ready to explore the applications of blockchain tech in other areas.

To investigate unique uses of the blockchain, AI, and cryptocurrency.

The RBI task force means the Indian government is taking it seriously, but it remains to be seen how the new asset class will fit into the overall scheme of Indian society.