Indian Government set to Launch National Blockchain Project

The Indian government has announced the launch of IndiaChain a national blockchain project, reports Inside Bitcoins.

India plans to launch what will be the largest blockchain implementation in governance in the world. The idea was suggested by the country’s main think-tank NITI Aayog and is set to disrupt how the Indian government operates. The blockchain technology has the potential to reduce fraud, speed up enforcement of contracts, increase transparency of transactions, and boost the agriculture economy of the country. The blockchain called IndiaChain is expected to be implemented into agriculture, land records and electricity during its first phase. It will then be linked with Aadhaar (a 12-digit unique identification number that can be obtained by residents of India) to secure individual identity. However, the use of blockchain technology in governance is frankly limitless and it will all depend on how efficient and fast the government of India wants to become.

An Interoperable Platform

To develop an extensive use case across different areas of society will require a robust and versatile platform, which the Indian government intends to achieve by using a collection of interoperable chains.

An official commented:

“Some reference blockchain applications will be built and then other companies can build similar or better applications.”

This will allow a range of different chains to exist, all customized for specific purposes. For example, one use case could be tracking pharmaceutical suppliers to reveal fake and inauthentic goods, which might require a different blockchain to one that is tailored to, for example, digitizing India’s land ownership, agriculture, or healthcare records,

However, to begin with, the blockchain network will focus on providing a unified payment interface (UPI) – a software application that facilitates the easy and secure transfer of money in real time.

Such UPI-like features could allow IndiaChain to be used for a range of payment applications for both private companies and the public sector. Companies currently using UPI include WhatsApp, Amazon Pay, Google’s Tez, Paytm, PhonePe, and Reliance Jio.Although this project will make India the largest blockchain based governance implementation, there are other countries like Russia and Dubai who have a head start. The government of Russia is planning to test a blockchain-based system for land registry management while the government of Dubai is planning to implement blockchain-based solutions to bring a paperless digital layer for all city transactions like visa applications, bill payments, and license renewals. If successful, this project will set a precedent for countries to follow and improve on governance.

The Indian government has stated that it sees blockchain once implemented on a large scale in the country developing a far more transparent digital society helping to reduce fraud and build a far more efficient public goods infrastructure.

[su_quote]This article is writing on 24 June 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258[/su_quote]