Blockchain technology, that underpins digital currencies such as bitcoin, is being touted as the next big thing since the internet. While the technology has caught the imagination of major economies across the globe, India has started embracing it only in the past couple of months.
In a major leap forward, Andhra Pradesh, an Indian state, has introduced blockchain technology in some departments to fight cyber crime and protect its database from getting hacked, India Today reported.
The Fintech Valley of Visakhapatnam and IBM on Wednesday organized a workshop to train its police force on the latest technology to prevent cyber crime.
The initiative, possibly the first in Asia, comes amid the recent demonetization drive going on in the country. Last month, the Indian government, led by Prime Minister Narendra Modi, banned currency notes of 500 and 1,000 denomination in order to crack down on corruption, fake currency notes, and tax evaders and to bring unaccounted money back into circulation.
Since then, the Indian government has been encouraging "cashless economy". The Andhra Pradesh government has also been urging people to adopt cashless modes of transactions to fight the cash crunch that resulted from the demonetization drive.
Addressing the blockchain workshop, DGP N Sambhasiva Rao said that with the increase in digital banking transactions, the possibility of an increase in cyber crimes also rises.
"Now, the government is encouraging people to increase cashless and digital transactions from 10 per cent to 50 per cent. As the Internet is prone to cyber crime and hacking, the government has decided to use latest blockchain technology to avoid security breach," said Secretary, Civil Supplies and Special Officer, Communication and Command Centre, B Rajasekhar.
According to India Today, Andhra Pradesh Chief Minister N Chandrababu Naidu will inaugurate blockchain technology institute in Visakhapatnam on December 17. Candidates will receive training from six companies, to meet industry requirements given a shortage of blockchain experts globally.
