When IBM first announced they were offering free online blockchain courses they were overwhelmed with Indian interest and enrollment exploded with over 21,000 registrations. Needless to say, India has a seemingly unquenchable thirst for decentralized tech knowledge.
The Union Cabinet of India is taking note of national climate and in honoring their BRICS agreement to research blockchain technology feels it is finally time to move forward with plans having approved a Memorandum of Understanding (MoU) on the collaborative research of distributed ledger technology (DLT) this past Wednesday, September 12.
Export-Import Bank (Exim Bank) is looking to work in tandem with other banks in the BRICS economic partnership alongside Brazil, Russia, China, and South Africa. The Union Cabinet’s decision might help roll out more blockchain initiatives and set a new pace for DLT innovation.
It is surprising to see this green light for blockchain research amidst the 1.3 million BTC extortion case being heard in the Indian anti-corruption courts currently, but maybe this MoU is equally about presenting a unified front with BRICS as it is about integrating the new technology.
The MoU was first brought to the table at the 10th International BRICS Summit this past summer in Johannesburg. The banks all agreed that the need for a digital economy was pertinent and the road to building that economy was through Distributed Ledger Technology. Now it is time to follow through and begin the research process to move forward with the project.
The research will potentially help the BRICS nations improve operations and increase overall efficiency as well as revamp financial services. The agreement allowed BICS countries to study these applications for the purpose of improving finance infrastructure and banking optimization.
This isn’t the only movement towards learning more about blockchain the Republic of Indian has taken. The Indian state Telangana has their own MoUs with blockchain companies to help upgrade government services using DLT. This will help bring more transparency to government services, a practice that has already taken off in nearby China.
This MoU rings in a new era for India as it joins its fellow BRICS nations and the rest of the world in exploring the potential benefits of bringing blockchain technologies to government services and industry.