Current Affairs Question - 22 January 2020

Explanation :

• A letter of intent (LOI) is a document declaring the preliminary commitment of one party to do business with another. The letter outlines the chief terms of a prospective deal.
• A memorandum of understanding (MOU or MoU) is an agreement between two or more parties outlined in a formal document. It is not legally binding but signals the willingness of the parties to move forward with a contract. It is often used at the beginning of a business partnership.
• A Term Sheet is used to show interest in an investment opportunity. Often it is used to outline a potential agreement between an entrepreneur (or startup company) and investors. Term Sheets are used to start the process of establishing agreeable terms. Once both parties are agreed, a formal legal contract can be written.

Explanation :

• On 17^th January, 2020 the Union Minister of Law and Justice inaugurated the Centre of Excellence (CoE) in Blockchain Technology set up by the National Informatics Centre (NIC) in Bengaluru, Karnataka.
• It has been set up with the aim of providing blockchain as a service and to help all stakeholders to benefit from shared learning, experiences and resources.
• It will focus on building a robust infrastructure to provide Blockchain-as-a-Service (BaaS).

Blockchain Technology

• Blockchain, sometimes referred to as Distributed Ledger Technology (DLT), makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing.
• It is an especially promising and revolutionary technology because it helps reduce risk, stamps out fraud and brings transparency in a scaleable way for myriad uses.