Indian Government is Adopting Blockchain through NITI Aayog
January 5, 2018 10:59 am
The National Institute of Transforming India (NITI), the government’s primary policy-making body, is observing the use of blockchain technology with work toward a proof-of-concept (PoC) to try the decentralized technology on different kind of sectors.
One of the senior government officials said:
“It is a safe system for document verification in those pre-approved sectors”
The institute’s goal is in researching the Blockchain applications comes after its recently concluded hackathon where ‘AgroChain‘, which is a blockchain-based marketplace connects the formers and the consumers for ‘cooperative contractual farming’.
Anyhow, last week, Indian Finance Minister Arun Jaitley called bitcoin as “Ponzi Scheme” and refused to recognize bitcoin as a legal tender in the country and also Indian Tax agencies targetted cryptocurrency investors and ICO startups. But still, cryptocurrency startups entrepreneurs in India wants to name their company along with cryptocurrency names and also one of the couples was gifted through bitcoin on their wedding. However, now Indian government is more attractive towards the blockchain technology.
In February 2017, State Bank of India (SBI), the largest bank in the nation, introduced the ‘BankChain’- the country’s first financial blockchain consortium including of private and public banks as well as technology companies for developing the blockchain solutions in the financial sector. The SBI introduced two blockchain production-ready solutions in beta last month with rollouts for the for smart contracts and a ‘know your customer’ platform.
At the same time, the southern Indian state of Andhra Pradesh revealed a new partnership with a technology partner to launch blockchain pilot projects in “various departments within the state government”. The state government is, significantly, planning to store the citizen data of some 84 million people on a blockchain. More recently, the government also started work on developing a blockchain for land registration in the state as a means to curb fraud.