The Union government has started a blockchain technology system research project with the goal of improving the blockchain technology stack for the development of end-to-end blockchain applications.
According to official sources, the project titled “Design and Development of a Unified Blockchain Framework for Offering National Blockchain Service and Creation of Blockchain Ecosystem” will also enable Open Application Programming Interfaces (Open APIs) for Seamless Integration and Offering Blockchain-as-a-Service (BaaS) across Distributed Infrastructure.
The National Strategy on Blockchain was formulated in 2021, according to official sources, despite the fact that the Ministry of Electronics and Information Technology (MeitY) hasn’t undertaken any formal research on the technological and economic opportunities that Web3 provides.
The government’s endeavour includes the research project. According to sources, Web3 is made possible by blockchain, and the National Strategy on Blockchain includes key technological elements needed for Web3. In Web3, blockchain technology plays a significant role.