According to the draft National Strategy on Blockchain, a government-led blockchain infrastructure can become the hub for private developers to build applications.

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Sundar Pichai, the CEO of Alphabet, which owns the internet giant Google, in an interview in 2017 had said that UPI and India Stack conversations get him excited. Pichai, who had then said we will see products being built out of India for a global stage, has since then gone on to commit $10 billion into the countrys technology ecosystem.

One of the architects of India Stack Nandan Nilekani, the co-founder of Infosys, had called it the single most important innovation India needs.

Opening up a blockchain infrastructure for similar innovations may lead to bigger advancements in technology than UPI, which is hailed as Indias most successful digital project. We can create our own massive blockchain ledger, say India Ledger, where all researchers and experts come together. The third is that we need to create our own journey with blockchain. Now, is the time to really work on these thoughts, said Prasanna Lohar, head of digital innovations at DCB Bank and a blockchain expert who has been privy to the discussions around blockchain with the government.

Niti Aayog, India's think tank has been working on IndiaChain, India's own ambitious project to develop a nationwide blockchain network, which has revolutionized Indias position as one of the emerging technology players. A few months ago, a blockchain project named Vajra designed by the National Payments Corporation of India for various payment companies providing secured transactions on their online platforms or mobile applications, shows the government is taking proactive initiative to support blockchain, said Neeraj Khandelwal, co-founder of cryptocurrency and bitcoin startup CoinDCX.

SEE ALSO:India becomes the first Asian country to allow small investors to directly lend to the government

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The India stack that Bill Gates and Sundar Pichai so love is set to get much bigger thanks to the Indian gov - Business Insider India