Government's Blockchain project to explore potential of Web3

NEW DELHI: The government has undertaken a research project in Blockchain technology system, which is aimed at evolving the blockchain technology stack for end-to-end blockchain application development.

According to official sources, the project titled "Design and Development of a Unified Blockchain Framework for offering National Blockchain Service and Creation of Blockchain Ecosystem", will also enable Open Application Programming Interfaces (Open APIs) for seamless integration and offering blockchain-as-a-service (BaaS) over distributed infrastructure.

Official sources said that though the ministry of electronics and Information Technology (MeitY) has not conducted any formal study on the economic and technological opportunities that Web3 provides, it is aware of the field's potential and this resulted in the framing of the National Strategy on Blockchain in 2021.

The research project is part of this endeavour by the government.

Blockchain plays an important role in realising Web3, and the National Strategy on Blockchain encompasses major technology components required for Web3, sources informed further.

Blockchain technology is an important component of Web3.