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Indian Financial Think Tank Urges Government to Study Blockchain Technology for Operations

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Indian Financial Think Tank Urges Government to Study Blockchain Technology for Operations

The Indian think tank, NITI Ayog, in its recent report titled ‘Blockchain: The Indian Strategy’ stressed that it was important for the policymakers to develop an understanding of the technology in order to incorporate it into their operations.

What Does the Report Say? 

The report asserted the importance of blockchain in various use cases and also highlighted why the technology was so difficult to incorporate.

The NITI Ayog is stressing upon four major use cases— ‘tracking of drugs in the pharma supply chain, claim verification and approval in the disbursement of fertilizer subsidy, verification of university certificates, and transfer of land records’.

The think tank has started developing proof of concepts for these use cases. It has also stated that the technology has the potential to transform the agricultural sector by creating an audit trail of all agricultural production and getting rid of the issues between the farmers and the intermediaries.

The Ayog also highlighted the present problems with the implementation of blockchain technology; first being the reduction in the turnaround time for reimbursement of subsidies payments and freight claims in the fertilizer subsidy project. Other challenges to the project included cost, lack of human resources and a still-growing developer community.

A Change in Sight

Interestingly, NITI Ayog stressed that there was a need for the government to understand the legal, technical and regulatory requirements before any large scale implementation of the technology. This report has come along with many blockchain-related positive developments in the country. Recently, India’s SEBI Chairman also called the technology indispensable, urging for an exploration of how the technology can best be utilized.

In another set of events, Harshita Arora, a cryptocurrency entrepreneur, was awarded the Bal Shakti Puraskar for the year 2020 by the President of India.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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