Author: Jagdish Kumar, India
With growing number of cases at the courts across the country, Blockchain technology can help reduce the cases, National Institution for Transforming India (NITI) Aayog, a policy think tank of the Indian government CEO Amitabh Kant said.
While addressing the International Blockchain Congress (IBC) held in Hyderabad from 3-4 August 2018 from New Delhi via video conferencing, Kant said that even if 100 cases are disposed off every hour also, it will take 35 years to clear the pending cases.
As per an estimate, there are over 30 million cases currently pending in Indian courts, including 4.25 million cases in high courts and 26 million cases in lower courts.
Of the 30 million cases, two-thirds of all civil cases pertaining to registration of property or land, if we use Blockchain technology, we can enable a system of smart transactions that is free of corruption and middlemen.
Kant said that Niti Aayog was applying Blockchain technology to pressing problems of the country in areas such as land registry, health records, fertilizer subsidy distribution system, menace of fraudulent drugs and agriculture supply chain. These disruptive projects will bring immense productive efficiency.
Blockchain is emerging as the new tool that can speed transaction with great transparency. The new technology has been recognized as having the potential to transform several sectors of the economy, including banking, financial services and insurance (BFSI) industry, travel, retail, healthcare and supply chain, among others.
Speaking on the usage of Blockchain, Kant said that Niti Aayog is in advanced stage of implementing proof of concept pilot in Chandigarh to assess its potential to solve the problem of India’s land-based registry system.
Kant also pressed that Blockchain can be a key driver for ease of doing business.
Though India has jumped 42 places in the ease of doing business by the World Bank during last two years to move up to 100th position, two indicators that includes enforcement of contracts and registration of property where India is currently ranked 164 & 154 respectively out of 190 is pulling down.
Expert believes that Blockchain brings ease of collaboration for enterprises and ease of living for citizens by bringing in transparency. It powers multiple parties to collaborate and come to consensus without any need of third party.
The three-day conference is being jointly organized by the Telangana and Goa governments in collaboration with Niti Aayog.
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