The Role of IIT Madras in the Hedera Hashgraph Council
The Indian Institute of Technology Madras (IITM) has officially stepped into the world of decentralized governance as a vibrant member of the Hedera Hashgraph council. This prestigious Indian institution, known for its excellence in technical education and falling under the Ministry of Education, is ready to embrace the disruptive capabilities of distributed ledger technology (DLT).
What Does This Membership Mean?
By joining the Hedera Governing Council, IITM becomes one of 39 global bodies operating initial network nodes that govern the Hedera public ledger. This is like having a backstage pass to one of the hottest tech concerts—where the music is made by consensus, and the beat drops with every transaction!
Exploring DLT Use Cases in Education and Beyond
IITM is not only aiming to improve its own academic landscape but also plans to explore practical applications of public blockchains. They’re diving into the Hedera Consensus Service and the Hedera Token Service to investigate how these technologies can be used for payments and beyond. Talk about a field trip!
Professor Prabhu Rajagopal’s Vision
Professor Prabhu Rajagopal from IITM’s Center for Nondestructive Evaluation is excited about this opportunity. He stated, “I am particularly enthused by the opportunity to test and scale our solutions in blockchain-backed information systems in healthcare, industry, and digital media.” Imagine a world where you can securely store your medical records on a blockchain instead of having a paper trail that looks like a toddler’s scribble!
Real-World Applications: BlockTrack App
Diving into practical tools, IITM recently unveiled BlockTrack, a revolutionary blockchain-based phone application designed to digitize and manage medical records. It’s like having a personal health assistant in your pocket, minus the awkward small talk!
Industry Collaboration: Beyond IITM
Besides IITM, other institutions are jumping on the blockchain bandwagon. For instance, the Maharashtra State Board of Skill Development has launched LegitDoc, a tamper-proof credentialing system based on Ethereum. Talk about credentials that can’t be easily faked!
Regulatory Environment and Future of Crypto in India
On the regulatory front, India is buzzing about potential crypto taxation, which could simultaneously work as a stepping stone into mainstream acceptance for cryptocurrencies. The Income Tax Department is ready to tax earnings from crypto trades, though cryptocurrencies won’t be classified as valid assets just yet. Crypto experts are seeing this as bullish news, believing that it will lead to much-needed regulatory clarity.
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