Connect with us
modi blockchain modi blockchain


Modi Predicts a Radical Future for Blockchain Technology

 2 min read / 

India might be exploring ways to incorporate blockchain technology into its workplace, as indicated by a tweet from the Prime Minister.

In a tweet published at 05:48 GMT on Monday, Narendra Modi said that the workplace will have to quickly adapt to the blockchain, which has the potential to radically change the subcontinent’s work and lifestyle.

Calling Blockchain a “disruptive technology”, Modi said they would “have a profound impact in the way we live and work”. The tweet has been retweeted nearly 1,600 times and ‘hearted’ 3,750 times.

Modi spoke at the at the WCIT-NILF conference in Hyderabad, Central India: a forum for discussing innovative technology and its role in business. This year, over 2,500 innovators, industry chiefs, business executives, government leaders and experts from 80 countries have attended the three-day conference which started today.

The Internet of Things is technology which looks to enable interconnected capability between everyday devices and allow them to send and receive data. On the 31st of January, the Taiwanese capital of Taipei signed an agreement with the IOTA Foundation to formulate ways in which IOTA’s ‘blockless’ protocol, Tangle, could be integrated into the smart city projects.

Although cryptocurrency and blockchain are not necessarily the same thing, today’s announcement nonetheless marks a surprising shift away from the Government’s previous rhetoric which had been reluctant to embrace the new technology and even to outlaw it.

Stating that India would not accept cryptocurrency as legal tender, the Government’s finance minister, Arun Jaitley had previously announced a crackdown on cryptocurrency at the end of January. There had been concerns over the increasing use of digital assets in the drugs trade.

As India’s population continues to move towards 1.4bn, Modi’s tweet is significant and suggests the India government is willing to accept a level of compromise in adapting the technology for use on the subcontinent.

Sign up to Mogul News.

Click to comment

Leave a Reply

Your email address will not be published.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

Send this to a friend