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NITI Aayog Calls Out Indian Techies to Try Newly Launched Blockchain Module: Details

NITI Aayog, India’s government-backed think tank, has launched a blockchain module to help local developers explore the potential of the sector with experimental use-cases, trials, and errors. Indian blockchain platform 5ire along with career mentorship platform Network Capital โ€” have been partnered by NITI Aayog as co-participants in organising this initiative. The move backs Finance Minister Nirmala Sitharaman’s repeated statement that while India is sceptical towards cryptocurrencies, the nation is excited to explore its underlaying blockchain tech to its potential.

The NITI Aayog, under its Atal Innovation Mission (AIM), is aiming to promote the culture of entrepreneurship amongst young Indians. Its Atal Tinkering Labs (ATL) reportedly works with over 10,000 schools across India to give students the exposure to tech trends at early ages.

The blockchain technology provides the backbone infrastructure to Web3 and many of its other elements like cryptocurrency, NFTs, and the metaverse.

Indian web creators are hence inquisitive about finding out, to what extent can blockchain be utilised in the next upcoming phase of the Internet. NITI Aayog has called out to all such developers who can benefit from this blockchain initiative.

โ€œBlockchain is playing a crucial role in revolutionising business and redefining economies. It has the potential to unlock tremendous opportunities for the youth and this module will introduce students as young as grade six to the concepts of blockchain, which will help them in solving societal issues through its application. The module covers the basic aspects of blockchain and goes on to its case-based application in various industries,โ€ Mission Director Chintan Vaishnav said in a statement from NITI Aayog.

India is projected to produce over five million software engineers this year. In 2022, Coinbase chief Brian Armstrong had especially made a trip to India to pitch jobs in the sector to engineers studying in top colleges and universities here.

In a bid to safeguard people dabbling in the sector, companies like CoinDCX have decided to launch awareness initiatives around the nation, to educate people around crypto and blockchain.

Proper information around these advanced technologies is the need of the hour at the time, given that blockchain itself has begun garnering attention from India’s startup as well as government communities.

The Maharashtra government, for instance, teamed-up with the Algorand blockchain in December last year, to store health data permanently and unchangeably as NFTs.

In October last year, the Firozabad police launched a new complaint forum, built on the Polygon blockchain to ensure consistency in details around the cases that would come under investigation. All details filed on the blockchain network cannot be altered or edited.

โ€œIt is only usual that a nascent technology introduces new sets of vocabulary. Blockchain is not only a complex innovation but also different from what internet users are used to. This makes the technology a bit challenging to grasp. However, it is not rocket science. As more users develop an interest in blockchain, the technology gradually unravels itself,โ€ said NITI Aayog in a statement.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.ย 

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