The Indian Institute of Technology Madras (IITM) has become a member of the Hedera Hashgraph Decentralized Governance Committee.
IIT Madras is one of the top technical education institutions in India, under the direct jurisdiction of the Ministry of Education of India. As a member of the Hedera Management Committee, IITM has become one of 39 global organizations operating the initial network node to manage the Hedera public ledger based on Distributed Ledger Technology (DLT).
In addition to enhancing the capabilities of DLT in education and research, IITM also plans to use Hedera Consensus Service and Hedera Token Service to pay for public blockchain test cases.
Professor Prabhu Rajagopal from the IITM Non-Destructive Assessment Center talked about helping other board members to identify sustainable use cases:
“I am particularly excited about the opportunity to test and expand our solutions in blockchain-supported information systems in the healthcare, industrial, and digital media sectors.”
In May of this year, IIT researchers launched a blockchain-based phone application called BlockTrack that can help users and organizations digitize and manage medical records.
To commend the initiatives of national institutions, the Maharashtra State Skills Development Commission recently deployed an Ethereum Blockchain-based tamper-proof credential system Called LegitDoc.
According to LegitDoc CEO Neil Martis, mainstream institutions including the National Institute of Technology and Ashoka University are negotiating to implement a similar system to combat document forgery.
According to reports, Indian regulators are negotiating to pass an encryption bill that will impose taxes on cryptocurrency traders, but entrepreneurs believe that this move may push cryptocurrencies into the mainstream.
As Cointelegraph reported, the US income tax department India is keen to tax the income earned through crypto transactions And communicate. However, the upcoming tax law will not classify cryptocurrencies as a valid asset class.
Indian crypto experts believe this move is bullish and believe that the crypto tax will ultimately provide Indian investors with regulatory clarity.