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6) It is time for India to realise the potential of Blockchain and possess regulatory foresight to insure development of Blockchain. Discuss.(250 words)

Topic – Indigenisation of technology

6) It is time for India to realise the potential of Blockchain and possess regulatory foresight to insure development of Blockchain. Discuss.(250 words)

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Why this question

The application and advantages of Blockchain for a country like India is immense, yet we do not have favourable environment in which Blockchain and its application can be researched and developed well. The advantages of Blockchain for India and the regulatory architecture around it needs to be discussed for SnT section of mains.

Key demand of the question

The question expects us to provide two answers

  • The advantages of Blockchain for India
  • The issues with the regulatory architecture and how to impedes research and development of Blockchain

Directive word

Discuss – This is an all-encompassing directive – you have to debate on paper by going through the details of the issues concerned by examining each one of them. You have to give reasons for both for and against arguments.

Structure of the answer

Introduction – explain what is Blockchain and highlight it’s applications.

Body

  • Discuss the importance of blockchain for a country like India eg. Help in job creation, capital, solutions to India’s problems and global strategic positioning.
  • Discuss the policy architecture and issues in it – The current debate in India has, unfortunately, focused too heavily on trading and speculation, looking at cryptocurrencies as an investment tool, rather than understanding the potential of core blockchain technology and the basic role of cryptocurrencies as an incentive mechanism to secure decentralized transactions
  • Discuss the pros and cons of this approach

Conclusion – Give your view on what needs to be done and discuss way forward.