Niti Aayog Working on Blueprint of Blockchain Technology

Niti Aayog Working on Blueprint of Blockchain Technology

In adherence to Arun Jaitley’s 2018–19 Budget speech wherein the Niti Aayog was told to prepare a blueprint of Blockchain technology, the think tank of the government who has taken up the work in earnest has said that they will be likely to release a policy paper on the same in July 2019.

The paper will be framed after consultations with the central and state ministries and will state the technology’s compatible areas and give guidance on how not to go overboard with it. After the response, Aayog will devise a structure for enabling the government officials to embrace the technology.

The technology will be useful in areas where several parties not trusting one another need to work in partnerships. Varied proof of concepts (PoC) where this technology is useful in insurance, banking and land record management can be given. Some areas taken up by Aayog to work with reputed tech-giants and start-ups to conduct PoCs are pharmaceuticals, land records and partnership certificates.

Another area where Aayog is focusing its attention is the India-Chain project. This aims in developing a collective blockchain infrastructure taking the aid of the existing digital infrastructure in the country like the United Payments Interface and Aadhaar. The project is still in the basic stage and this topic will also form the agenda of the discussion paper.

The Chamber of Digital Commerce and Microsoft had brought out a white paper relating to blockchain technology. It stated that the development process of Blockchain technology to encompass greater applications into its fold is an on-going one with the government officials needing to be aware of its exceptional benefits with the most important being that of cyber security. Efforts are made by state governments in US and other countries to test the generation of controlled production environments having regulatory provisions that are scaled back through several testing programs and regulatory sandboxes. If done with a proper structure the sandboxes can prove highly useful in deciding the success of pilot projects.

Leave a Reply

Your email address will not be published. Required fields are marked *