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Indian Think Tank to Release the IndiaChain Blockchain Policy Paper Next Month

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Less than a year after the conceptualization of IndiaChain, the Indian government is looking forward to score a major milestone. This shouldn’t come as a surprise, as many blockchain enthusiasts are by now aware that the Indian government are actively interested in blockchain technology. Now, as per a Factor Daily report, the government is now getting ready to unveil its national blockchain project.

The report states that the National Institution for Transforming India (Niti Aayog) has been working on IndiaChain, which is India’s very own decentralized, digital ledger that the country plans to use for building a full-fledged blockchain infrastructure; not just for government services but for private businesses as well.

The government think tank Niti Aayog plans to release its blockchain policy paper early next month, illustrating the possible use cases of IndiaChain and how it can be used by public and private sector entities.

Similarities With Other Popular Indian Platforms

The publication says that India’s blockchain platform will be fully-scalable and could be employed by everyone to build their own solutions, just like the Unified Payments Interface (UPI). The government will also build a reference app similar to BHIM.

One of the sources indicated that ultimately the platform will be openly available to build out their own products based on this technology. The source explained further:

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

The ambition of replicating UPI-like features on IndiaChain has a sound basis, at least if viewed from the government’s perspective. The UPI application programming interface, or API, was opened up for other private companies to use and a range of payments applications are built on it. WhatsApp is beta-testing payments, and Amazon Pay, Google’s Tez, Paytm, PhonePe, and Reliance Jio are built on UPI.

“If the government wouldn’t have forced people to use BHIM, the adoption wouldn’t have shot up the way it has, today,” the source said.

The report further says that the government is also developing proof-of-concept projects that can help solve large-scale problems across the nation.

This is expected to be achieved using sidechains, which are themselves derived from the primary blockchain and can function independently. For example, the blockchain platform will soon be used to unmask fake pharmaceutical suppliers and digitize India’s agriculture, land ownership or healthcare records, besides the obvious use-cases in banking and payments.

While the government’s enthusiasm seems very action-oriented in the fields of AI and blockchain, it is yet to share outcomes achieved through initial experiments.

Blockchain-based solutions, once implemented across sectors on the scale, will provide a huge boost to bringing transparency in governance and reducing fraud. Currently, the government is also working on blockchain-enabled projects in the states of Telangana and Andhra Pradesh.

Image Credit: Deposit Photos

Is blockchain the answer to the numerous government inefficiencies in India? Let us know in the comments section.  

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