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
|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)
|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.