Blockchain research Current Affairs - 2020

National Information Centre sets up Centre of Block Chain Technology in Bengaluru

On January 18, 2020, the National Informatics Centre (NIC) will set up block chain technology centre in Bengaluru. The centre is to be inaugurated by Union Minister Shri Ravi Shankar Prasad.

Highlights

The centre aims to provide Block Chain as service to all the stake holders who are interested in shared experiences, learning and resources. The centre will share its block chain-based proof of concepts with selected government entities. The centre will also act to help different wings of the government understand the potential of the technology.

NIC

National Informatics Centre has always been the premier technology advisor and also a pioneer in introducing technologies such as National Knowledge Network, NICNET, etc. It was founded in 1976. NIC operating under Ministry of Electronic and Information Technology helps government in embracing Information Technology. Since 1990s. It is also helping to disseminate E-Governance to the citizens.

NICNET is the ICT (Information and Communication Technology) network. It provides linkages between different departmental and ministerial administrations in India.

National Knowledge Network

It is a project that aims to create robust network for the country. It integrates multidisciplinary research and development by acting as a communication platform. The network aims to connect all the universities, libraries, research institutes, laboratories, agricultural institutions and health care across the country.

Cabinet approves MoU between EXIM Bank and BRICS banks for blockchain research

Union Cabinet has approved MoU signed between Export-Import Bank of India (Exim Bank) and member banks under BRICS Interbank Cooperation Mechanism on Collaborative Research on Distributed Ledger and Block chain Technology in context of development of digital economy.

Key Facts

Blockchain technology or Distributed Ledger holds potential for solutions to various challenges being faced in financial sector space of BRICS nations. The MoU was signed between Exim Bank, Banco Nacional de DesenvolvimentoEconomico e Social (BNDES, of Brazil), China Development Bank (CDB), State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank of Russia) and Development Bank of Southern Africa (DBSA). It intends to enhance understanding in this field, through joint research efforts to identify areas within respective business operations where it may have potential for applications aimed at enhancing operational efficiencies.

Background

The Xiamen Declaration signed in September 2017 at 9th BRICS summit in Xiamen, China by BRICS leaders had highlighted importance of digital economy and ways BRICS nations can leverage its potential for fostering global economic development and benefit everyone. Accordingly, Memorandum of Understanding (MoU) on Collaborative Research on Distributed Ledger and Block chain Technology in the Context of Development of Digital Economy was suggested to be signed by all member banks.