Home / Crypto Currency / Canadian Researchers to Team Up With Indian Tech Industry to Explore Blockchain

Canadian Researchers to Team Up With Indian Tech Industry to Explore Blockchain

Government-backed researchers in Canada are planning to unite with India’s technology industry association NASSCOM to research blockchain. Together, the two hope to create an global epicentre for studying the implications and applications of the innovative tech leading to increased “high-end technology capabilities.”

Blockchain: Beyond Cryptocurrency

The teaming up of Canada’s Blockchain Research Institute (BRI) and NASSCOM (National Association of Software and Services Companies) aims to explore the use of blockchain technology in both government and academia. There are several areas in which India perceive blockchain to be disruptive to current industries, both financial and otherwise. These include land registry, healthcare, and banking.

The announcement of the union between BRI and NASSCOM, combined with the recent news that India are forming a “Future Skills” initiative aimed at educating their youth in cutting edge technology, clearly evidence a nation positioning itself as a hub for innovation in the blockchain industry. The educational platform was announced just days ago by Indian Prime Minister Narendra Modi at the World Congress on Information Technology 2018.

Meanwhile, the BRI’s stated goal is to “build blockchain-based economies around the world”. With their assistance, plus an increasingly blockchain-literate young workforce, India could well rise to the top in the field of research and application of the exciting and potentially disruptive technology. Narendra Modi’s government have even earmarked around US$500 million for developing the digital economy. This represents a doubling of public spending on the sector.

According to CNN, Don Tapscott, the founder and executive chairman of the Canadian institute, stated:

“We see our coalition with NASSCOM as a delightful opportunity to nurture the blockchain community in India… We strongly believe that India has the potential to lead the blockchain revolution.”

Whilst the Indian government are evidently receptive to the innovative potential of the blockchain, they seem somewhat more hesitant when it comes to the first real application of the technology – crytocurrency. Finance Minister Arun Jaitley recently stated in his 2018/19 Budget Speech:

“The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payment system.”

This statement has been interpreted in two ways. Firstly, there are those who believe it represents out and out hostility towards digital currency. This wouldn’t be surprising from a nation who have taken extremely misguided measures such as demonetisation policies in the past. However, there are also those who stress the use of the word “illegitimate” in Jaitely’s statement. This could be interpreted as meaning greater efforts to curtail money laundering offences made possible by cryptocurrency whilst not ensuring any form of blanket ban for its legitimate use.

Read more

Check Also

Police Arrest Four Ukrainians for Running Fake Cryptocurrency Exchanges

Law enforcement in Ukraine has arrested four young men who were running at least six fake cryptocurrency exchanges. The cryptocurrency sphere is an exciting space, and many people are eager to begin buying and selling virtual currencies. However, such an influx of money and inexperienced newcomers also bring out the criminal element, seeking to gain funds at the expense of those new to the space. Scams abound, but police in Ukraine have done their part by arresting some individuals who ran a number of fake cryptocurrency exchanges. Using Programming Skills to Set up Scams In the city of Dnipro, Ukraine, police announced that they had arrested four men between the ages of 20 and 26. The quartet had set up a number of fake cryptocurrency exchanges. Police know of six fake exchanges that they operated, but there is a definite possibility that there may be more. The six fake exchanges include: moneycraft.info, wowex.online, swapex.net, myexchanger.lv, iconvex.net, and likechange.biz. Police say that the criminals had “special knowledge and skills in the field of programming” and “have created their own CMS-system for managing the content of exchange sites.” Unsure of Amount Stolen Police are asking those who were scammed by the fake cryptocurrency exchanges to come forward and file complaints. As of now, law enforcement does not know exactly how much the four men were able to steal from their victims. Police may be able to glean such information from the equipment that was seized during the arrests. It was reported that flash drives, computers, smartphones, and other equipment were confiscated when police raided the homes of the four men. The reality is that crime and scams are rampant in the cryptocurrency sphere. One should always do due diligence before spending any money. The world of virtual currencies is still akin to that of the Wild West, which means that danger is just as close as excitement and opportunity. Have you ever been scammed by a fake exchange, wallet, or ICO? Let us know in the comments below. Images courtesy of Shutterstock. The post Police Arrest Four Ukrainians for Running Fake Cryptocurrency Exchanges appeared first on Bitcoin Network, News, Charts, Guides & Analysis.

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.