- IITM has joined the Hedera Hashgraph council for decentralized governance.
- The university has become one of the 29 global organizations to run initial network nodes.
- Regulators in India are also in talks of passing a crypto bill that will push crypto to the mainstream.
The Indian Institute of Technology Madras has joined the Hedera Hashgraph (HBAR) council for decentralized governance. Being one of the top institutes for technical education in India, stepping into the decentralized technology space is not very surprising for the university.
IITM falls directly under the control of India’s Ministry of Education. Moreover, as a member of the Hedera Governing Council, IITM has become one of the 39 global organizations that run initial network nodes. These govern the Hedera public ledger built on distributed ledger technology (DLT).
Specifically, IITM will primarily work to advance DLT capabilities in education and research. To add to this, it plans to test use cases on public blockchains. It will especially focus on the Hedera Consensus Service and the Hedera Token Service for payment-related uses.
To highlight, Professor Prabhu Rajagopal from IITM’s Center for Nondestructive Evaluation noted on the achievement:
I am particularly enthused by the opportunity to test and scale our solutions in blockchain-backed information systems in healthcare, industry and digital media.
Prior to this, IITM researchers launched a blockchain-based phone app called BlockTrack. It helps users and companies digitize their medical records.
As for the general crypto atmosphere in India, regulators may be in talks to pass a crypto bill. Since this will allow crypto to be taxed, it will promote higher use of it in the country. Many believe the digital asset will make its way to the mainstream this way.