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Blockchain project to explore the potential of Web3


Source: ET

Context: The Indian Union government is conducting a research project in Blockchain technology to develop a unified blockchain framework for offering national blockchain services and the creation of a blockchain ecosystem.

The aspect of the Project Details
Name Design and Development of a Unified Blockchain Framework for offering a National Blockchain framework
The objective of the project To evolve the blockchain technology stack and enable Open APIs for seamless integration and offer blockchain-as-a-service (BaaS)
Under National Strategy on Blockchain (2021, under MeITY), which encompasses major technology components required for Web3 to create a trusted digital platform by evolving a national Blockchain infrastructure
What is BaaS? Blockchain-as-a-service (BaaS) refers to third-party cloud-based infrastructure for companies to build, host and use their own blockchain apps, smart contracts and functions on blockchain technology.
Benefits of BaaS Facilitate wider adoption of blockchain technology, reduce the cost of infrastructure for smaller companies promoting innovation and entrepreneurship, and enable better security compliance by ensuring supply chain traceability
What is blockchain? Blockchain is a secure and decentralized way of storing information, where each transaction or data is verified and recorded in a block, creating a chain of blocks that cannot be altered or deleted once added to the chain.

Prelims Links:

With reference to Web 3.0, consider the following statements: (UPSC 2022)

1.  Web 3-0 technology enables people to control their own data.
2. In the Web 3.0 world, there can be blockchain-based social networks.
3. Web 3-0 is operated by users collectively rather than by a corporation.

Which of the statements given above are correct?

[A] 1 and 2 only [B] 2 and 3 only [C] 1 and 3 only [D] 1, 2 and 3


Answer: D