India’s Government Set to Launch IndiaChain as National Blockchain Boost to Economy

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India's Government Set to Launch IndiaChain as National Blockchain Boost to Economy

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

The new project will support its current government-run project, IndiaStack, a unified software program which was originally initiated in order to further digitalize the country. Nine months in the making, IndiaChain will be a platform aimed at reducing fraud, speeding up enforcement of contracts, increasing the transparency of transactions, and boosting the agricultural economy of the country, according to news sources.

A government think-tank, NITI Aayog, and also the creator of the platform, sees blockchain as having a significant role to play in Indian society in energy, land and banking sectors. In particular, the farming sector stands to benefit from blockchain technologies, better regulating land records and changing the way in which subsidies are distributed, as well as regulating the production of organic food crops.

It has been reported that the Indian government also has a number of blockchain projects in hand using a collection of interoperable chains, in areas such as land records, supply chain management, power distribution and cross-border finance. An official commented that “Some reference blockchain applications will be built and then other companies can build similar or better applications”.

The government is looking to adapt its blockchain solutions in order to suit its needs and tailor them to other sectors, for example, the agriculture sector, which is a huge part of the Indian economy, would need different solutions to the country’s commercial tracking needs.

The first step down this road according to the government is focusing on a unified payment system (UPI) to facilitate simple and quick transfers of funds. Companies that currently use this system include WhatsApp, Amazon Pay, Google’s Tez, Paytm, PhonePe, and Reliance Jio.

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.

 

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