News

The Indian Institute of Technology Madras (IITM) has become a member of the Hedera Hashgraph’s council for decentralized governance.

IIT Madras is one of the top institutes for technical education in India, which falls under the direct jurisdiction of India’s Ministry of Education. As a member of the Hedera Governing Council, IITM has become one of the 39 global organizations that run initial network nodes for governing the Hedera public ledger built on distributed ledger technology (DLT).

In addition to advancing DLT’s capabilities in education and research, IITM plans to test use cases around public blockchains for payments via Hedera Consensus Service and the Hedera Token Service.

Professor Prabhu Rajagopal from IITM’s Center for Nondestructive Evaluation spoke about helping other council members identify sustainable use cases:

“I am particularly enthused by the opportunity to test and scale our solutions in blockchain-backed information systems in healthcare, industry and digital media.”

In May, IIT researchers launched a blockchain-based phone application called BlockTrack that helps users and organizations digitize and manage medical records.

Related: India to use Ethereum blockchain to verify diploma certificates

Complimenting the initiatives of national institutions, the Maharashtra State Board of Skill Development recently deployed an Ethereum blockchain-based tamper-proof credentialing system called LegitDoc.

According to LegitDoc CEO Neil Martis, mainstream institutions, including the National Institute of Technology and Ashoka University, are in talks to implement similar systems to counter document forgery.

Related: India’s Income Tax Department may soon target crypto trades and ecosystem

Indian regulators are reportedly in talks to pass a crypto bill that would tax cryptocurrency traders, but entrepreneurs believe the move could potentially push cryptocurrencies into the mainstream.

As Cointelegraph reported, the Income Tax Department of India is keen on taxing earnings made through crypto trades and exchanges. However, the upcoming tax laws will not classify cryptocurrencies as a valid asset class.

Crypto experts in India see this move as bullish and believe that crypto tax will eventually provide regulatory clarity for Indian investors.

Products You May Like

Articles You May Like

Grandpa Secret Tokens Crypto in Medicine
Hear From CZ – Binance’s Approach to User Protection and Proactive Compliance – The Daily Hodl
Analyst says $42K must hold to keep Bitcoin price from sweeping its swing low
Immutable X Breaks Records With Over 720,000 Registrations for $12.5 Million IMX Sale on CoinList – The Daily Hodl
$20 Million Worth of CRIC Token To Be Distributed to Fans and Collectors Through Contests, Giveaways and Bounties on the NFT Platform CricketCrazy.io – The Daily Hodl
A New Cryptocurrency Has Everyone Buzzing in Mongolia – 10 Million USD Within 30 Seconds

Leave a Reply

Your email address will not be published. Required fields are marked *