Thursday, September 29, 2022

IIT Madras Becomes Hedera Hashgraph Governance Council Member

The Indian Institue of Technology Madras (IITM), one of the leading technical institutions in India, has joined hands with the Hedera Hashgraph council to use its decentralized governance.

Notably, IITM is directly supervised by India’s Ministry of Education.  

As per the report, IITM is among 39 global organizations that are the member of Hedera Governing Council. 

Being a member of the Hedera Governing Council, IITM would now be allowed to run initial network nodes for governing the Hedera public ledger, which is developed on distributed ledger technology (DLT).

IITM would not only promote DLTs capabilities in education and research, but it also plans to test use cases of public blockchain for processing payment through Hedera Consensus Service and the Hedera Token Service.

While discussing how IITM is planning to help other council members, Professor Prabhu Rajagopal from IITM’s Center for Nondestructive Evaluation, said, “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 introduced BlockTrack, a phone application based on blockchain, to help users digitize their medical records.

Following the IITM’s initiative, the Maharashtra State Board of Skill Development installed an Ethereum-based tamper-proof credential system LegitDoc.

Neil Martis, the CEO of LegitDoc, has mentioned that several institutions in India are now planning to implement similar systems to counter document forgery.

According to a recent report, the Indian regulators are also planning to tax the profit earned through cryptocurrency. Several entrepreneurs believe that this move could potentially push cryptocurrencies into the mainstream.

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