Source: ET
Context: The Indian Union government is conducting a research project in Blockchain technology to develop a unified blockchain framework for offering national blockchain services and the creation of a blockchain ecosystem.
| The aspect of the Project | Details |
| Name | Design and Development of a Unified Blockchain Framework for offering a National Blockchain framework |
| The objective of the project | To evolve the blockchain technology stack and enable Open APIs for seamless integration and offer blockchain-as-a-service (BaaS) |
| Under | National Strategy on Blockchain (2021, under MeITY), which encompasses major technology components required for Web3 to create a trusted digital platform by evolving a national Blockchain infrastructure |
| What is BaaS? | Blockchain-as-a-service (BaaS) refers to third-party cloud-based infrastructure for companies to build, host and use their own blockchain apps, smart contracts and functions on blockchain technology. |
| Benefits of BaaS | Facilitate wider adoption of blockchain technology, reduce the cost of infrastructure for smaller companies promoting innovation and entrepreneurship, and enable better security compliance by ensuring supply chain traceability |
| What is blockchain? | Blockchain is a secure and decentralized way of storing information, where each transaction or data is verified and recorded in a block, creating a chain of blocks that cannot be altered or deleted once added to the chain. |
Prelims Links:
With reference to Web 3.0, consider the following statements: (UPSC 2022)
1. Web 3-0 technology enables people to control their own data.
2. In the Web 3.0 world, there can be blockchain-based social networks.
3. Web 3-0 is operated by users collectively rather than by a corporation.
Which of the statements given above are correct?
[A] 1 and 2 only [B] 2 and 3 only [C] 1 and 3 only [D] 1, 2 and 3
Answer: D
