Indian Government All Set to Launch IndiaChain

Indian Government All Set to Launch IndiaChain

The Indian Government is all set to launch a blockchain project and will be known as IndiaChain.

This blockchain platform will help in reducing fraud, speeding up the enforcement of contracts, increasing the transparency of transactions, and boosting the agricultural economy of the country.

This project will complement the existing project ‘IndiaStack’ which is a unified software platform which aims to bring the Indian population into the digital age. This Blockchain network is branch of NITI Aayog.

According to the NITI Aayog’s vision this blockchain will play a key role in regulating land records to remove duplication, distributing electricity, and helping achieve trustless KYC regulations for banking.

Farming subsidies are also set to change, with plans to use the blockchain network to alter the way that subsidies are distributed and regulate the production of organic food crops.

According to the reports the government is testing the feasibility of a blockchain system for the following uses: Land Records, Supply Chain Management, Identity Management, Benefit Distribution, Educational Certificates, Power Distribution, Cross-Border Finance.

To develop an extensive use case across different areas of society will require a robust and versatile platform, which the Indian government intends to achieve by using a collection of interoperable chains.

An official commented:

“Some reference blockchain applications will be built and then other companies can build similar or better applications.”

This will allow a range of different chains to exist, all customized for specific purposes. For example, one use case could be tracking pharmaceutical suppliers to reveal fake and inauthentic goods, which might require a different blockchain to one that is tailored to, for example, digitizing India’s land ownership, agriculture, or healthcare records,

However, to begin with, the blockchain network will focus on providing a unified payment interface (UPI) – a software application that facilitates the easy and secure transfer of money in real time.

Such UPI-like features could allow IndiaChain to be used for a range of payment applications for both private companies and the public sector. Companies currently using UPI include WhatsApp, Amazon Pay, Google’s Tez, Paytm, PhonePe, and Reliance Jio.

This is not only the ambition of Indian Government but the Russian Government and the Government of Dubai. They are also looking to implement blockchain solutions in the administrative applications like visa applications, bill payments, and license renewals.

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