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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 decentralised governance council.
IITM is one of the top institutes for technical education in India, which falls under the direct jurisdiction of India’s Ministry of Education. As a member of the Hedera Governing Council, IITM has become one of the 39 global organizations that run initial network nodes for governing the Hedera public ledger built on distributed ledger technology (DLT).
In addition to advancing DLTs 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.
Professor Prabhu Rajagopal from IITM’s Center for Nondestructive Evaluation spoke about helping 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.”
In May, IITM researchers released BlockTrack, a blockchain-based phone application that assists consumers and organisations in digitising 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 universities such as the National Institute of Technology and Ashoka University are in discussions to instal comparable anti-forgery solutions.
According to reports, Indian regulators are in talks to adopt a crypto bill that will tax cryptocurrency trading, but entrepreneurs feel the move might potentially drive cryptocurrencies into the mainstream.
According to reports, the Income Tax Department of India is interested in taxing earnings from cryptocurrency trades and exchanges. However, cryptocurrencies will not be recognised as a legal asset class under the impending tax legislation.
This decision is seen positively by crypto specialists in India, who believe that the crypto tax will eventually give regulatory certainty for Indian investors.