Recently, the Union Ministry of Electronics and Information Technology (MeitY) has launched the ‘Vishvasya: National Blockchain Technology Stack’
Additionally, MeitY has also launched:
- NBFLite: A Blockchain sandbox platform, developed especially for startups/academia for rapid prototyping of applications, carrying out research and capacity building.
- Praamaanik: A solution that harnesses Blockchain technology to verify mobile app origins and is powered by the National Blockchain Framework.
- National Blockchain Portal: It is developed on the theme based on Content Management System to manage the contents related to the National Blockchain Framework initiative.
About Vishvasya: National Blockchain Technology Stack
- It offers Blockchain-as-a-Service (BaaS) with a geographically distributed infrastructure designed to support various permissioned Blockchain based applications.
- BaaS is third party cloud-based infrastructure and management that organizations and businesses use for developing and managing blockchain applications.
- It is a part of the broader National Blockchain Framework (NBF) provided under the National Strategy on Blockchain.
- NBF is meant for effectively utilizing the Blockchain technology in different domains such as health, agriculture, education, finance, etc.
What is Blockchain technology?
- Blockchain is an innovative distributed ledger technology, first introduced in the design and development of cryptocurrency, Bitcoin, in 2009, by Satoshi Nakamoto.
- It is an amalgamation of various technologies such as distributed systems, cryptography, etc.
- It is an exchange process, which works on data blocks. In this, one block is connected to another block.
Working Mechanism
- Data and transactions executed over the network are stored in the ledger in a decentralized manner over a peer- to-peer network.
- Transactions are validated and verified through consensus protocols across nodes of the Blockchain network.
Cryptocurrencies: Cryptocurrencies (e.g., Bitcoin, Ethereum, Litecoin, Ripple, etc.)
Legal: Section 43A of the Information Technology Act, 2000 currently does not have safeguards mentioned from the perspective of Privacy when applied to Blockchain.
