Ripple Forms New Blockchain Alliance With Indian Institute Of Technology, Bombay (IIT-B)

Ripple's Partnership with IIT Bombay Will Help Tackle Some Of Today’s Global Remittance-Related Issues

Many of Ripple’s cross-border payment solutions have been gaining traction across the globe over the past few years— especially in nations such as India, Thailand, and Vietnam. In this regard, it is worth noting that the firm’s University Blockchain Research Initiative [UBRI] project has just partnered with the Indian Institute of Technology, Bombay [IIT-B] so as to help students and young entrepreneurs learn about blockchain as well as devise novel crypto-based digital offerings.

In a recent interview with Ripple’s Navin Gupta (MD for South Asia and MENA), he mentioned that moving forward, Ripple was looking to partner with more and more established universities so as to create the “next generation of visionary students and entrepreneurs.”

More On The Matter

As mentioned earlier, the primary objective of the UBRI is to provide students with a plethora of opportunities related to blockchain R&D. This could have a direct impact on the growth of the global blockchain ecosystem as well as the fin-tech industries of various countries.

In addition to all this, it is also worth reporting that an anonymous source from IIT-B has stated that the Indian government is currently looking to deploy an all-new blockchain solution to streamline governance associated with things like digital certification of educational degrees.

In this regard, the source has said that pilot trials have already commenced and that the new technology will be rolled out as soon as some other issues with the program are ironed out.

It is also being reported that the new blockchain program will be called “IndiaChain” and tests are currently being carried out by NITI Aayog— the government’s policy think tank.

Other Key Points Worth Noting

  • The new blockchain system will also list out entries related to land titles and deeds. However, since many such records within India are yet to be digitized, the entire process could take some time.
  • IndiaChain could possibly help the government save “billions of dollars,” according to Gupta. This is because a recent World Bank study shows that India currently receives remittances worth $80 billion, only to be followed by China (a nation that rakes in an annual remittance of about $67 billion).

Final Take

If successful, NITI Aayog and Oracle also plan on implementing a blockchain-based ledger system within the nation’s drug supply ecosystem. This is because India currently faces a huge problem of counterfeit drug circulation and thus such a platform could help the government save on billions of dollars.

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