India and Canada Sign Agreement for Blockchain
Recent visit to India by Canadian Prime Minister ‘Justin Trudeau’ has brought all the good news for both the economies. In one of the most landmark international trade agreements ever signed, India and Canada have agreed to unite together to explore opportunities for increased business-to-business and people-to-people collaboration that will bolster the prosperity for both the countries. Canadian and Indian companies signed 66 new commercial contracts and agreements – worth more than $1 billion – which will help grow both our economies. As per one of the agreement, India’s National Association of Software and Services Companies (NASSCOM) will work with Canada’s Blockchain Research Institute (BRI) to help developers understand more about Blockchain platforms for creating tools within the nation.
‘Don Tapscott’, the founder and executive chairman of the Canadian institute, stated:
“We see our coalition with NASSCOM as a delightful opportunity to nurture the Blockchain community in India. We strongly believe that India has the potential to lead the Blockchain revolution.”
NASSCOM and BRI have signed a Memorandum of Understanding (MoU) establishing a financial and research partnership. As stated by BRI’s ‘Don Tapscott’ the MoU has two phases. He explained, “We need to create an awakening in India, showcase the power of Blockchain and we can do this by looking at incentives/discounts to organizations who do this, that's phase one.” Phase two would build a Blockchain institute in India, which will be specifically aimed at helping grow the digital ecosystem in the state of Telengana. According to some media houses, each organization will invest in webinars and other types of seminars whereby researchers within the BRI can share their knowledge using case studies with Indian government departments and other entities. India's tech industry association Nasscom and Canada's Blockchain Research Institute (BRI) said they would also create a center of excellence in India to provide "high-end technology capabilities."
Some of the Blockchain related commercial deals signed this week includes Starmass Environment Technologies Corporation’s agreement with Infrastructure Leasing and Financial Services (IL&FS) Water Ltd, a subsidiary of IL&FS India, to add value to their water sector services to address some of the acute and immediate concerns of the water utility industry. They will use some of the very high potential technologies available with Starmass using smart contracts and Blockchain technology for leak detection, automated meter reading, and water systems integration.
BRI’s stated goal is to build Blockchain based economies around the world and India being one of the fastest growing economies in the world is next big frontier for the technology. It is also the priority market for Canada in variety of sectors, including aerospace, clean technology, transportation and infrastructure. This is good news for Indian cryptocurrency enthusiasts because until now, Indian government have been repeatedly warning citizens about virtual currencies as ‘Ponzi Schemes’. This is a very positive step for India and in continuation from Finance Minister Arun Jaitley’s statement in the budget that the country would explore “explore use of Blockchain technology proactively”.