Blockchain is inherently good for governance: STPI DG Arvind Kumar

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The attribute of blockchain technology to bring transparency and traceability in the transactions makes it inherently good for governance, a top STPI official said on Friday.

While speaking at the Blockchain Revolution Summit 2022, STPI Director-General Arvind Kumar said the Software Technology Parks of India (STPI) has created a centre for excellence, Apiary, in Gurugram to promote the blockchain ecosystem where it will onboard 25 new start-ups working in the segment in addition to 10 entities that are already working there.

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"As I said, it (blockchain) has trust, it has transparency. Therefore, there cannot be better technology than blockchain for good governance and social impact projects," Kumar said. He said that when one technology can give transparency, trust and traceability then it can create a wide social impact.

"These features of it (blockchain) are inherently good for good governance," Kumar said. He added that the STPI has set up a centre of excellence (CoE) for blockchain technology, Apiary, in Gurgaon where over 100 start-ups will be onboarded in five years.

"Ten start-ups have been onboarded and 25 others have been selected. So, there will be 35 by May 2022. Those who have not seen the internet revolution. We are again excited. Blockchain technology is going to change the way we live," Kumar said.