By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service. Canadian government-backed researchers are joining forces with India’s vast tech industry to explore the use of blockchain in government and academic institutions, as well as businesses.

India’s tech industry association Nasscom and Canada’s Blockchain Research Institute (BRI) said they would also create a center of excellence in India to provide “high-end technology capabilities.” The announcement coincided with Canadian Prime Minister Justin Trudeau’s visit to India this week.

Blockchain, an internet-based ledger that keeps a public record of online transactions, is being touted as the future of the digital economy for its wide range of potential applications. India plans to use it to digitize everything from land records to healthcare, the head of a government-run think-tank said on Twitter earlier this month.

But blockchain is still best known for providing the platform for virtual currencies such as bitcoin and ethereum. Related: Cryptocurrency regulation is ‘inevitable,’ says IMF chief The Indian government has repeatedly warned that virtual currencies have no official backing, even likening them to “Ponzi schemes” earlier this year.

Experts believe India could be preparing tough regulations, following recent moves in this direction by China and South Korea. But India is also gung-ho about the underlying technology. Read more from money.cnn.com…

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