Author: Jagdish Kumar, India
Having conceptualized the idea of having its Blockchain network across the country way back in February 2018, NITI (National Institution for Transforming India) Ayog, the country’s only planning body has decided to launch it by July 2018.
Coined as IndiaChain, it is reported to work on proof of concept [PoCs] of Blockchains, used around land records, agriculture and healthcare.
NITI Aayog is a policy think tank of the Indian government established with the aim to achieve Sustainable Development Goals and to enhance cooperative federalism by fostering the involvement of state governments in the economic policy-making process using a bottom-up approach.
The body has now decided to release policy paper regarding the same around July as the finance minister had announced in the Finance Budget of 2018-19. The work on the Blockchain paper is in full swing now and hopefully it will be out by the end of the month or beginning of July, an NITI Ayog official said.
It is learnt that the government will be working on the platform on the lines it had developed the Unified Payments Interface [UPI], which is maintained by National Payments Corporation of India [NPCI], the umbrella organization for all retail payments in India.
The government payment software API (application programming interface) has been used by technology giants including Google and Amazon to release their own money-remittance applications that are being used by millions in the country.
The UPI gateway developed by the government was a huge success, as it was first build by the government and then private parties used it to launch their services build upon government applications.
Once the IndiaChain is developed, the government along with private companies can develop sidechains in specific areas, like in the mortgage business, an individual’s credit records can be on a separate Blockchain, which can be linked back to IndiaChain.
IndiaChain will act as an interoperable platform allowing private developers and organizations to build innovative Blockchain powered application for Indian masses.
Banks can use that information to give loans and track records. Some reference Blockchain applications will be built and then other companies can build similar or better applications, it is learnt.
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