Introducing Blockchain-as-a-Service: The Next Big Thing

Welcome VISHVASYA, the new Blockchain-as-a-Service (BaaS) Blockchain Technology Stack that offers geographically distributed infrastructure. It is seen as one of the most significant innovations in the fintech industry and digital technology powered service industry after UPI and other digital payment gateway that has become an integral part of our daily life. The new service has been announced by the Ministry of Electronics and Information Technology (MeitY). 

The VISHVASYA: A game-changer

India is racing ahead with its cutting-edge tech like blockchain to boost governance and public services in financial services like stock exchanges, depositories, intermediaries, banks and other institutions. It can be a game changing step for fintech and other service providers. 

Vishvasya is a Blockchain-as-a-Service (BaaS) platform that provides secure, transparent and efficient app creation for citizens. This is bundled with a blockchain sandbox, the National Blockchain Portal and ‘Praamaanik’ the mobile app verification system.

What’s the BIG deal?

India is now the hub of innovation using blockchain for digital payment and public good. Vishvasya will support permissioned blockchain apps. It will make it easier for government agencies, fintech players, developers, and businesses to adopt blockchain without the fuss of managing complex systems.

Vishvasya, the GAME CHANGER, key features

• Deployment of blockchain apps across industries will be easy and faster.
• Security-audited containers for production-level apps.
• 3 data centers across India – Hyderabad, Pune, and Bhubaneswar.
• A sandbox for startups and research institutions for experimentation with blockchain

Successful global use cases of blockchain

–          Estonia has been using blockchain since 2012 for an e-Residency program that offers secure digital services.

–          By 2025, Dubai plans to be the first block-chain technology powered city in the world.

–          Blockchain Service Network (BSN) of China offers BaaS to bring down the cost of adoption and support global interoperability.

–          European Blockchain Services Infrastructure (EBCI) is using blockchain to enhance cross-border services in the EU.

India has similar plans of creating transparency and security in governance, financial and digital interactions.

Areas of opportunities for Vishvasya

1.     Payments Landscape – Vishvasya can revolutionize India’s payment landscape, especially in digital payments and financial transactions. Blockchains can make cross-border payments more secure, cheaper and faster. India being the largest recipient of remittances, the impact of the gains will be at a large scale.
2.     Public Services and Governance – Vishvasya can transform public services in India by providing tamper-proof and secured records. This can change the face of law enforcement, healthcare, and civic administration and governance.

So, what’s stopping us?

Shortage of skilled manpower, research and readiness of the industry to adapt new technologies are a few issues that need to be overcome through constant collaboration and interaction with the key stakeholders.  security and interoperability need to be addressed. Attracting early adopters from startups, businesses, and government agencies will help gain confidence and realize the true potential of this initiative.

Pioneering a Bold Step of Digital Trust

Vishvasya is a BOLD step forward in making India a pioneering hub in blockchain globally. By offering BaaS, it eliminates the barriers for businesses, innovators and service providers, allowing growth at a rapid pace across sectors and industries. Blockchain can alleviate fraud, rationalize financial processes, and create an inclusive financial ecosystem for rapid economic growth in India.

Disclaimer: This blog has been written exclusively for educational purposes. http://bit.ly/3usSGoH

 Source: Press Release: Press information Bureau (pib.gov.in)