IIT-Madras joins Hedera decentralised governance council; to test new currency system
15 September 2021
The Indian Institute of Technology Madras (IITM) has become a member of the Hedera Hashgraph council for decentralised governance and will test use cases around the Hedera Token Service, a public blockchain for payments.
IITM is one of the 39 global organisations of the Hedera Governing Council that run initial network nodes for governing the Hedera public ledger, a system built on distributed ledger technology (DLT), say reports.
Besides advancing DLT’s capabilities in education and research, IITM plans to test use cases around public blockchains for payments via Hedera Consensus Service and the Hedera Token Service. It will also help other council members identify 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,” reports quoted Professor Prabhu Rajagopal from IITM’s Center for Nondestructive Evaluation as saying.
In May, IITM researchers launched a blockchain-based phone application called BlockTrack that helps users and organisations digitise and manage medical records.
It may be noted that the Maharashtra State Board of Skill Development also recently deployed an Ethereum blockchain-based tamper-proof credentialing system called LegitDoc.
According to LegitDoc CEO Neil Martis, mainstream institutions, including the National Institute of Technology and Ashoka University, are in talks to implement similar systems to counter document forgery.
Indian regulators are reportedly in talks to pass a crypto bill that would tax cryptocurrency traders, but entrepreneurs believe the move could potentially push cryptocurrencies into the mainstream.
The Income Tax Department is looking for ways to tax earnings made through crypto trades and exchanges. However, there is no move to bring in tax laws that will classify cryptocurrencies as a valid asset class, say reports.
Analysts believe that any tax on crypto currencies will eventually provide regulatory clarity for Indian crypto investors.
Hedera is currently the most used enterprise-grade public network for the digital world. HBAR is the native, energy-efficient cryptocurrency of Hedera that powers the decentralised economy. Hedera goes beyond blockchain for developers to create the next era of fast, fair, and secure applications for a startup or enterprise, a creator or consumer.
The third generation public ledger, Hedera proof-of-stake public network, powered by hashgraph consensus, claims to achieve the highest-grade of security possible (ABFT), with blazing-fast transaction speeds and incredibly low bandwidth consumption. By combining high-throughput, low fees, and finality in seconds, Hedera leads the way for the future of public ledgers.