After Jaitley, its Modi's turn to embrace block-chain; positive on internet of things

Last Updated: Mon, Feb 19, 2018 21:35 hrs
Narendra Modi (AP Photo)

The Prime Minister's Office tweeted that it was hopeful of disruptive technologies such as block-chain and internet of things. The tweet has been re-tweeted over 1000 times within fifteen minutes, and liked by 3418 so far.

The Prime Minister was speaking on the power and potential of technology at the World Conference on Information Technology in Hyderabad.

Previously, the Finance Minister Arun Jaitley commented during a budget announcement that the government will focus and embrace block-chain technologies. He was optimistic of block-chain technologies creating a change but cautioned use of of crypto-currencies such as bitcoins, referring to them as non-fiat currencies.

The tweet from the PMO appears encouraging since it will open up newer opportunities for block-chain enthusiasts as well as system integrators. In the IoT (internet of things) space too, a lot of development appears optimistic at the moment. Concepts such as smart cities, cars, offices, homes, kitchens, etc are technically great concepts.

What is Blockchain?

Known as the system that powers cryptocurrencies such as Bitcoin, Ethereum, Ripple, Cardano etc, blockchain is a database of agreements. The blockchain based contract holds two parties accountable during a transaction and effects a smart contract- serving as an efficient bookkeeping platform. The ledger is publicly maintained and enforces transparency, censorship and has a potential to create massive social change.

Block-chain led technologies could flourish in the areas of payments. Post the PNB scam, most bankers, including Tamal Bandyopadhyay, writing for LiveMint discussed about how the scam continued in spite of SWIFT using a maker-checker system in place. Most crypto-forums to that extent have been discussing on how block-chain systems such as the ones used by Ripple could offer additional security over the ones provided by the likes of Mastercard and Visa.

Block-chain as a technology, has potential use-case in land records, tax filing systems, election systems, etc. Overall the system can be used to create transparency and efficiency.

Some tweets:

A handful hailed the announcement, while others ridiculed the decision.

Users on popular social portal reddit too discussed about the development.

Although the positivity around block-chain may not impact Bitcoin prices much, still they traded up to $11,196.81, 7.70% in the current session. This will be the first time bitcoin has traded to the $11,000 levels, after being spooked by regulatory crackdowns and volatility.