In a marked move to advance the development of the domestic blockchain ecosystem in India, the country’s influential internet industry association has formed a committee dedicated to the decentralized technology.
With the new blockchain committee, the Internet and Mobile Association of India (IAMAI) is looking to engage with the government, the wider industry and startups in the burgeoning sector to develop the ecosystem, India’s most-read business daily the Economic Times report.
A pointed focus is to use blockchain tech to facilitate job creation for the new digital economy in the country, the report added.
The new committee within the influential non-profit will be chaired by Tina Singh, digital chief at private lending giant Mahindra Finance.
She told the publication:
“Blockchain is undeniably the technology of the future, slated to bring decentralization and trust and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities and corporates.”
The committee includes several prominent executives at major corporate giants spanning tech and financial sectors such as Microsoft, Mastercard, IBM and HDFC Bank, India’s biggest private bank.
Curiously, the committee also counts Sandeep Goenka, founder of major Indian bitcoin exchange Zebpay. The app-only exchange was among India’s earliest and largest exchanges until it shuttered trading services less than a month ago. While Zebpay continues to provide a wallet service to users, the exchange said it was “unable to find a reasonable way to conduct the cryptocurrency exchange business” following the central bank’s comprehensive ban that bars banks from providing services to exchanges and the wider crypto sector.
Despite the curbs on the cryptocurrency sector, which remains unregulated, the formation of the blockchain committee proves the concentrated effort to integrate the groundbreaking tech into wider society.
The IAMAI Blockchain Committee will focus on creating dialogue between all stakeholders; curate and create content to aid skill development and move towards creating a participative economy with the usage of blockchain.”
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Last modified: May 20, 2020 5:08 PM UTC