The Indian Institute of Technology Madras will put the Hedera Token Service, a public blockchain for payments, to the test.
The Indian Institute of Technology Madras (IITM) has joined the Hedera Hashgraph decentralized governance council. ITM is one of India’s top technical education institutes, and it is directly supervised by the Ministry of Education. As a member of the Hedera Administering Council, IITM is one of 39 global organizations that host initial network nodes for governing the Hedera public ledger, which is based on distributed ledger technology (DLT).
In addition to advancing DLT capabilities in education and research, IITM intends to test use cases centered on public blockchains for payments using the Hedera Consensus Service and the Hedera Token Service. Professor Prabhu Rajagopal of the IITM Center for Nondestructive Evaluation spoke about how he assisted other council members in identifying sustainable use cases:
“I am particularly enthused by the opportunity to test and scale our solutions in blockchain-backed information systems in healthcare, industry and digital media.”
In May, IITM researchers released BlockTrack, a blockchain-based phone application that assists consumers and organizations in digitizing and managing medical records. In addition to national initiatives, the Maharashtra State Board of Skill Development has introduced LegitDoc, an Ethereum blockchain-based tamper-proof credentialing system.
According to LegitDoc CEO Neil Martis, mainstream institutions such as the National Institute of Technology and Ashoka University are in discussions to implement similar anti-forgery systems.
According to reports, Indian regulators are in talks to pass a crypto bill that would tax cryptocurrency traders, but entrepreneurs believe the move could potentially push cryptocurrencies into the mainstream.
According to Cointelegraph, the Income Tax Department of India is interested in taxing earnings from cryptocurrency trades and exchanges. However, cryptocurrencies will not be recognized as a legal asset class under the impending tax legislation.
This move is viewed positively by crypto experts in India, who believe that the crypto tax will eventually provide regulatory clarity for Indian investors.
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