NASSCOM which is the trade body of the IT industry in India has partnered with the Blockchain Research Institute (BRI) of Canada. It has done so with the aim to propel the use of blockchain technology in India.
BRI is backed by the Canadian government. It will educate Indian companies as well as organizations regarding the potential of blockchain technology. A memorandum of understanding was signed between both the institutions. It will also impart the right skill sets to the developers in India. This will significantly increase the potential of blockchain-based development in the country. Also, BRI will go ahead and conduct various seminars as well as case studies which will indicate the potential of the blockchain technology.
The main aim of the memorandum of understanding is to increase the awareness related to blockchain technology in India. According to the co-founder of BRI, Don Tapscott, the 1st phase will revolve around creating more awareness about blockchain technology in India.
NASSCOM chairman Raman Roy, stated that this memorandum of understanding will help the Indian companies in building world-class blockchain infrastructure. It will also usher in a new age of digital economy in the country.
According to the co-founder of BRI, India has the potential to be at the forefront when it comes to blockchain technology. This is the reason why they have tied up with the industry body in order to revolutionize the blockchain industry. It will also help the country in generating new employment opportunities. India and Indian companies already provide a big portion of the global information technology workforce, including on latest technologies like big data and Internet of Things.
Recently, the Indian Prime Minister, Narendra Modi, also stated that the country should work towards the adoption of blockchain technology. It has to be at the forefront of the adoption of such a revolutionary technology in order to be ahead in the IT industry. The industry body seems to be moving on the directions of the Prime Minister with a positive intent.
It remains to be seen the actual ground changes due to this memorandum of understanding. Currently however, it does seem pretty optimistic. If indeed, the awareness of blockchain technology increases, the IT companies in India will be able to provide low-cost blockchain solutions to the world. This will significantly increase the business of most of the IT companies in India which are grappling currently with the legacy models. It will be a win-win situation for the IT companies as well as for the country.