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India: Kerala planning to use blockchain to bolster financial system

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The future of digital assets in India may remain uncertain for a long period of time. However, the implementation of blockchain continues to grow at a rapid pace in the country.

According to a report by the Economic Times, Kerala may soon be on its way to becoming the first Indian state to successfully introduce blockchain technology, in an attempt to strengthen its financial sector and human resources.

The report said that the state wants to make use of blockchain to bolster its financial system and implement ‘pilot government schemes’ by introducing a talent pool of professionals specialized in the blockchain sector.

M Sivasankar, State Electronics and IT secretary for the state of Kerala, expanded on the development and said,

“We are looking for intelligent use of blockchain in specific domains in the next five years so that its applications can be sustained. Companies that produce solutions based on the technology can sell it as products or services.”

According to Sivasankar, the state’s 2017 initiative, the ‘Kerala Blockchain Academy,’ would produce significant talent and its objective remains to train over 20,000 people in blockchain development over the next 24 months. He added,

“Around 2,000 of them have gone for the next level in the blockchain developer program and 800 have graduated.”

It was also suggested that blockchain technology would seamlessly fit the bill in the state’s current financial sector, which now includes an array of banks, microfinance ecosystems, and significant remittances that are flowing into the state’s financial landscape.

It was previously reported that Kerala’s neighboring state, Tamil Nadu, had also begun proceedings on a state-level policy framework concerning blockchain technology and artificial intelligence.

However, the framework drafted by Tamil Nadu was more on the lines of keeping the misuse of Artificial Intelligence in check, as the framework mentioned that blockchain and AI tech are ‘disrupting public policy and governance.’



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Biraajmaan Tamuly, Khareem Sudlow