The India Blockchain Alliance (IBA) is a non-profit organization working to bring together blockchain developers, companies, venture capitalists and visionaries in India. Founded in 2018, the organization aims to boost research and development work around blockchain, also called Distributed Ledger Technology (DLT), which forms the foundation for the Web3 sector. India, despite its skeptical approach to welcoming digital assets like cryptocurrencies and NFTs into its financial ecosystem, has time and again shown its interest in exploring the underlying technology of these assets, viz. blockchain.
Speaking to Gadgets360, IBA founder and president Raj Kapoor stated that the organization, in its initial phase, offered education and awareness programs on blockchain technology. In the past six years, Kapoor said, the organization has managed to gather nearly 800 members that include blockchain-focused investors, companies and projects alongside 300 colleges and universities.
What role does IBA play in India's Blockchain Ecosystem?
Earlier this month, the IBA met with members of its community to discuss ways to make blockchain a stronger part of the #TechForGood movement, which aligns with the Sustainable Development Goals (SDGs) of the United Nations. The organization, during the meeting, said it is working with international research partners to determine how blockchain can be used to bring more transparency and a layer of data security in the sectors of e-government, supply chain, carbon records and healthcare
“India's Ministry of Electronics and Information Technology (MeitY) has been at the forefront of these efforts, promoting the use of blockchain in government services and exploring its applications in areas such as land records, supply chain management and digital identities,” Kapoor told Gadgets360. . “We are also doing our best to establish a regulatory framework for the oversight of blockchain use cases.”
The IBA operates an initiative called 'Web3 Village' where stakeholders from national and international blockchain ecosystems converge to share blockchain resources.
Without divulging elaborate details, Kapoor said the IBA has sent white papers and policy recommendations to the authorities on issues such as anti-money laundering, banking, decentralized finance, environment, NFTs, sanctions, securities, spot markets, stable currencies and taxation.
“We are working non-stop to incorporate blockchain technology into the educational curricula of universities and technical institutions to develop a skilled workforce. Offering training programs and certifications for professionals are also tailored to improve their knowledge and skills in technology blockchain,” Kapoor noted. “We are working to implement blockchain in various government services to show its potential and build public trust. Examples include the use of blockchain for property registration, identity management, supply chain transparency and public records.
Notable projects under the supervision of the IBA in the opinion of the president
The IBA has, in recent years, initiated two “ambition projects”: the Green Chain Protocol and the Carbon Chain Initiative. Through these, the body plans to establish India as the first developer and adopter of clean and green blockchain.
The Green Chain initiative focuses on using green blockchains in the environmental, social and governance (ESG) sectors. The Carbon Chain initiative, on the other hand, aims to identify blockchain projects that align with the UN's vision to curb environmental damage.
“Green Chain seeks to showcase and flourish Web3 projects in the ESG field. Our Carbon Chain initiative leverages the use of blockchain technology to track and verify carbon emissions. It is designed to create a decentralized, tamper-proof and transparent ledger that accurately records the carbon footprint of different entities, including individuals, corporations and governments,” Kapoor said.
The IBA claims that it is taking India's vision for blockchain internationally and is also expanding its presence in India's Bengaluru, Punjab, J&K and Maharashtra.
