To make business and living easy for people, the Indian government has adopted various endeavors.
The government is simplifying processes, mostly by leveraging technology and proactively rationalizing numerous regulatory and other prerequisites.
However, more modifications are still required.
According to a policy think tank of the Indian government, NITI Aayog, Blockchain grants the ability to fulfilling the imagination of the Indian government.
NITI Aayog has publicized its national draft document of blockchain policy.
The policy document is in two distinct parts. The first is titled “Blockchain: The strategy for India.”
This clarifies the different use cases of the blockchain in India, along with some conclusions of the ongoing pilot projects.
The second part is to be published later on and will specifically regard various suggestions for the use of blockchain technology in India.
The first aspect of the strategy document is towards enabling ease of business, ease of living and ease of governance.
The policy document hopes to acknowledge these needs.
The document assesses the value of blockchain in promoting belief in dealings between the government and the private sector.
Also, NITI Aayog’s experiences in implementing the blockchain show the probable use cases that the ecosystem can take into deliberation.
Governance in India is going through unusual challenges, given the scale, diversity, and complexity of the processes involved in giving various public services.
The document targets stakeholders, such as the government, business leaders and citizens, to demystify the concepts encompassing blockchain technology.
It strives to create a concrete national action agenda for blockchain technology.
Pilots and Proof of Concept project overview
NITI Aayog sought pilots and proof-of-concept (POC) projects are in four areas.
It will evaluate the possibility of blockchain technology in delivering better efficiency and awareness of feasible barriers in the enactment.
These are trail and trace of drugs in the pharmaceutical supply chain, request verification and authorization in the delivery of the fertilizer subsidy, confirmation of university certificates and transfer of land registers.
According to NITI Aayog, the problem/pain point was to decrease response times for compensation of subsidy payments and transport requests.
The existing workflow filled with inefficiencies, including numerous registration systems, restricted visibility for inventory and short trust in the data generated for subsidy and freight requests.