CURRENT AFFAIRS

Detailed explanation-1: -Recently, the Union Government has launched the Centre of Excellence (CoE) in Blockchain Technology in Bengaluru.

Detailed explanation-2: -The Centre of Excellence in Blockchain Technology operates as a coordinated, interoperable blockchain ecosystem across the country. It is a gateway to test and develop best solutions for projects undertaken by NIC at the Centre and State levels.

Detailed explanation-3: -Blockchain Application by Government Banking Bodies The blockchain is used in government banking institutions. The real-time gross settlement, as opposed to settlement at the end of each day, is the ongoing process of recording interbank payments in central bank records.

Detailed explanation-4: -National Informatics Centre (NIC) under the Ministry of Electronics and Information Technology (MeitY) is the technology partner of the Government of India. It was established in 1976 with an objective to provide technology-driven solutions to Central and State Governments in various aspects of development.

Detailed explanation-5: -Blockchain overview. Blockchain defined: Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding).