Kerala is slated to become the first Indian State to leverage blockchain technology in its financial sector, and human resources reported The Economic Times. The state is planning to implement the technology in order to make its remittance services more efficient while implementing pilot government schemes. The state of Kerala is considered to be one of the most progressive with the highest literacy rate and has been at the forefront of studying and adopting emerging technologies.
The Indian government, in its draft bill for cryptocurrency regulation, has recommended a blanket ban while recommending the use of blockchain in a different sector. The Reserve Bank of India also started a blockchain sandbox program and many other initiatives to educate the public on the benefits of the Distributed Ledger Technology (DLT).
M Sivasankar, state electronics and IT secretary of Kerala in his interaction with the press noted that their government is planning to implement blockchain technology in targetted domains and also promote other firms to create blockchain-based solutions which they can offer as a service. He explained
“We are looking for intelligent use of blockchain in specific domains in the next five years so that its applications can be sustained. Companies that produce solutions based on technology can sell them as products or services.”
Kerala Blockchain Academy is Traning Young Minds
Sivasankar said that the Kerala Blockchain Academy started the blockchain initiative back in 2017 and has planned to train at least 20,000 young minds. Until now almost 2,000 people have completed there initial training and moved to the advanced stage while 800 people have graduated from the program.
India is the IT solution hub for the world, and looking at the growing importance of blockchain technology and enterprise-level solutions being implemented, India needs to catch up with the rest of the world. There is no lack of talent in a country where the majority population is under the age of 30. The success of Matic Network, a second layer decentralized solution is a shining example of India’s potential in the decentralized space.