The Indian Institute of Technology Madras has been accepted as a member of Hedera Hashgraph’s council for decentralized governance.
IITM is India’s top technical education institute and falls under the direct supervision of India’s Ministry of Education. IITM is a member the Hedera Governing Council and has been designated one of the 39 international organizations that manage the initial network nodes to govern the Hedera public ledger, which was built using distributed ledger technology (DLT).
IITM will also be advancing DLTs capabilities for education and research. It plans to test use cases surrounding public blockchains to pay via the Hedera Consensus Service or the Hedera Token Service.
Professor Prabhu Rajagopal, IITM’s Center for Nondestructive Evaluation, spoke about how he helped other council members to identify sustainable use cases.
“I’m particularly excited by the chance to scale up our solutions in blockchain-backed data systems in industry, healthcare, and digital media.”
IITM researchers released BlockTrack, a blockchain-based smartphone application that allows users and organizations to digitize and manage their medical records.
Related:India will use Ethereum to verify diploma certificates
LegitDoc, an Ethereum-based tamperproof credentialing system that complements the efforts of national institutions, was recently implemented by the Maharashtra State Board of Skill Development.
Neil Martis, CEO of LegitDoc, said that major institutions like the National Institute of Technology (NIT) and Ashoka University are discussing similar systems to combat document forgery.
Related:India’s Income Tax Department could soon target crypto trades, ecosystems
Indian regulators are said to be in discussions to pass a cryptocurrency bill that would tax cryptocurrency traders. However, entrepreneurs believe it could push cryptocurrencies into mainstream.
Cointelegraph reported that the Income Tax Department of India wants to tax earnings earned through crypto trades. The upcoming tax laws won’t classify cryptocurrency as an asset class.
Indian crypto experts see this as a bullish move and believe that crypto tax would eventually bring regulatory clarity to Indian investors.