This shouldn't come as a surprise that Indian government has been interested in blockchain technology and through their think tank-NITI Aayog they are looking at bringing out a paper on blockchain policy as early as next month. NITI stands for National Institution for Transforming India.
Most media outlets in India haven't shared a lot about this initiative from the government. NITI Aayog as a think tank is very good and I'm really keen to see what the paper reads when they release it. IndiaChain as it's being called at the moment will allow government and private entities to build scalable solutions and take advantage of the technology.
They have recently released a discussion paper on Artificial Intelligence. If it interests you check it out here!
According to FactorDaily, NITI Aayog is working on a proof of concept using blockchain technologies to bust the widespread problem of fake drugs. Alongside, it has also started working on other PoCs of blockchain around land records, agriculture and healthcare.
It has been reported in that past that:
IndiaChain in its first phase will take into its fold agriculture, land records, and electricity distribution ‘proof of concept’ or PoC cases. Eventually, it will be linked with Aadhaar to secure individual identity.
The second source said that it is too early to give projections on the scale, budget, and early milestones of the project.
I'm quite thrilled about the prospect of government planning to use blockchain technology at a large scale level. Infact few state governments are already considering deploying this technology in supply chain management.
It's possible that government might replicate UPI features on IndiaChain.
The UPI application programming interface, or API, was opened up for other private companies to use and a bunch of payments applications are built on it. WhatsApp is beta-testing payments. Amazon Pay, Google’s Tez, Paytm, PhonePe, and Reliance Jio are built on UPI.
I'm sure some Indian users here might be using aforementioned payment systems. I use Google Tez and Paytm all the time. It's incredible how fast and efficient these applications have become.
For recording transactions in an electronic ledger, blockchain technology is great. However, currently implemented models for data storage and recollection is pretty good. UPI, IMPS etc are very fast. Infact they are instant in debiting and crediting accounts. Can IndiaChain enable these things? I'm not so sure yet but we'll see.
IndiaChain will certainly help in many ways. It would be interesting to note if a future government would consider implementing blockchain technology in voting. It's an area that needs such an immutable technology where data cannot be falsified. I hope the government will introduce blockchain in areas where corruption rate is high.
Another expert pointed out that without the source code or whitepaper of the project being released in public, the legitimacy of a blockchain project cannot be determined. “If you are building a public blockchain project, then the project should be open source, but so far no project in India that is being implemented on blockchain has ever released its source code,” said Sunil Aggarwal, director at Theory Frames Knowledge Networks and author of Bitcoin Magnet.
There are some issues such as the aforementioned fact that there are no open-source blockchain projects being undertaken in India so far. How can a public blockchain be available to a closed group of entities? We need the public blockchain projects to share their whitepaper with the public. Just because someone is building a blockchain technology doesn't mean they will get it right from the day one.
For all we know, this might be a dud. Until we see large scale implementation any "hype" around all of this is just hype and nothing more. Because currently there is no body constituted to set standards and protocols for implementation of blockchain technology in the public domain in India.
Let's see where this goes. Hopefully NITI Aayog will share more details about IndiaChain soon.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Watch This Fun Video From International Steem Meetup #1—Malaysia
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #31
I have doubts on how our governments and bureaucracy are going to implement this effectively. After your yesterday's post , today I tried to contact K-Disc(in Kerala) through the contact details provided in their official website. No one picked up the call when I tried the land line number. When I contacted the only mobile number provided there, the person who attended the call said it is a wrong number! Also I couldn't find much informations about proposed blockchain technology in their official website!
That's quite disappointing to hear man. Keep me posted on this if you get through to these buffoons. I'm glad you made the call! Let's see how things go. Government websites are so archaic in their design, I doubt anything ever gets updated quickly.
That's quite thrilling actually! Like you say large scale implementation remains to be seen.
more and more countries are embarking on blockchain tech. Those not doing so are going to be left behind.
indeed this is an awesome news😋😋
I will be more happy when Indian Government regulate cryptocurrency and do not impose limitations or GST/Tax.
Ray of hope for many ...such development may make way for many new things on Indian eco system .
Wow ! Amazing News for Indian blockchain User
What, they went from hating on crypto to now their own blockchain @firepower ? So is Bitcoin legal in India or not? thanks.
Blockchain technology is now at the peak of his fame.
Indeed, every new technology, many will reject it with a variety of considerations. But later on the new technology will be followed by them. Now many countries are adopting this technology, and probably more and more. But there are also countries that still reject it.
India chain!! without nomenclature our government can't do anything. ...as if first time in India Modi govt brought the new technology called indiachain.
Oh it's an good news for all of u
YES to blockchain for voting. So very needed!
Thank you for the informative post and THANK YOU for upvoting two of my articles yesterday! I was so surprised and elated! I really really appreciate it, thank you :)
ah! :D
Well I try to help out as much as I can. I couldn't find time to leave a response there but I wanted to tell you that I connected with your writing and I hope it helps you to bring out your feelings and write about them. You're not alone!
Good one. More views and updates can be read on link below:
https://steemit.com/regulation/@mittal2a/is-indian-government-ready-to-regulate-and-authorize-crypto
It feels great to see the government planning to use blockchain technology on a large scale.
I hope government also thinks of using cryptocurrency in the future.
Acche din dear acche din.India chain will bring us the acche din.Great updates,good luck friends.
Kerala is going to use blockchain technology and now India is also interested in it. This is really a great news for all of us.
Woow thats exciting ! resteemed
Then they definitely allows crypto currency trading and announces its legal in India
Keep your eyes wide open for this amazing project india is coming so strongly.