Despite the negative stance taken by regulatory authorities on cryptocurrencies, the adoption of blockchain technology has witnessed an upward momentum in India in recent months. 

India’s finance minister, Nirmala Sitharaman, anticipates a 46% increase in the utilisation of blockchain technology in the country in the upcoming years.

Keeping in mind the importance of the technology, recently, Atal Innovation Mission, which comes under Niti Aayog, has set up the ATL Blockchain Module to accelerate Web3 education in the country.

Dr Chintan Vaishnav, mission director at Atal Innovation Mission, believes that blockchain technology has the potential to unlock tremendous opportunities for the youth and the module will introduce students as young as Grade 6 to the concept of blockchain.

ATL Blockchain module 

For this, Niti Aayog has partnered with blockchain startup ‘5ire’ and ‘Network Capital’. Through the Blockchain Module, the government wants to educate Indian students about blockchain technology as they believe that an in-depth understanding of the technology could provide students with a competitive edge in the job market.

“Web 3 education will cause a tectonic shift in how we view tech education. Our partnership with Niti Aayog is essentially seeking to make this transition,” Dr Pratik Gauri, co-founder and CEO, 5ire, told Analytics India Magazine.

“There are a couple of ways we are approaching it. Firstly, mass education of young people and offering it up as an opportunity to advance their careers and through partnering with governmental organisations and transforming the public sector to use blockchain. Secondly, there is also a surge of communal activity for the adoption of blockchain.”

The learning course on blockchain encompasses nine sections covering topics such as an introduction to blockchain, its advantages, the challenges it encounters, consensus algorithms, digital assets, smart contracts, and the basics of civil identities on distributed ledgers. 

Moreover, the course delves into blockchain use cases in various industries, including financial services, healthcare, supply chain, manufacturing, and automotive sectors. 

“A business model to consider for web3 education is ‘Learn to Earn’, a concept that refers to the idea of using decentralised platforms to earn cryptocurrency or other digital assets while learning new skills or participating in educational activities,” Dr Gauri said.

A decentralised language-learning platform could reward users with tokens for completing lessons or passing quizzes. These tokens could then be used to access more advanced content or traded on decentralised markets.

“Learn to Earn can also be achieved through the use of decentralised platforms for online tutoring or peer-to-peer education. Tutors or educators can earn cryptocurrency or tokens for providing their services, and students can earn cryptocurrency or tokens for participating in or completing educational activities,” Dr Gauri said.

Blockchain for governance

The Government of India has also leveraged the power of blockchain over the years. For instance, ‘DigiLocker’, an Indian digitisation online service provided by the Ministry of Electronics and Information Technology (MeitY), is based on blockchain technology.

“Governmental bodies moving to digitise their records and services can quickly leapfrog to proven technologies to serve their constituents today rather than suffer through yesterday’s archaic systems,” Dr Gauri said.

Last year, the Police department of Firozabad revealed a blockchain-powered project aimed at monitoring public complaints. The project has proven to be beneficial for the Uttar Pradesh (UP) Police in their efforts to tackle local police corruption and criminal activities.

“Aside from Niti Aayog we have three other partnerships with governmental organisations to develop blockchain-based solutions. These include a project to move Goa Police, Muzaffarnagar Police and Nebraska, USA Police and take governance to the blockchain,” Dr Gauri said.

Further, he also revealed that 5ire is the first blockchain network that comes equipped with local governance solutions from the provenance of private property and title records as well as recording private business transactions from agreements, licences, registration, and intellectual property registration to personal credentials like passport, visa, driver’s licence, and birth records that are securely stored in blockchain systems.

About 5ire

5ire is a blockchain ecosystem that focuses on sustainability, technology and innovation to build the 5th industrial revolution (5IR). The company is planning a key product launch in the coming months. So far, the testnet launch witnessed an interest from over 50,ooo developers wanting to build on the platform.

“The company’s primary offering is 5ireChain, a first layer, sustainability-driven 5th generation blockchain that ensures adherence to the philosophy of 5IR, creating a net positive impact on the planet and service to humanity,” Gauri said.

Proof-of-5ire is the world’s first governance-based system of reward distribution that provides incentives to network actors based primarily on their commitment to the 17 United Nations Sustainable Development Goals.

“In this day and age, where Proof of Work blockchain technology uses up over 1% of global electricity supply, our sustainability driven approach sets us apart from all other layer 1 ecosystems.” 

“By adopting a Proof-of-Benefit approach at the consensus level, we have shifted the blockchain narrative from for-profit to for-benefit”, Dr Gauri concluded.

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