NITI Aayog, also known as National Institute for Transforming India, had announced the conceptualization of blockchain technology and their use cases in India back in February. Having recently released a paper on AI, NITI Aayog now has its sights set on blockchain technology and hopes to release a policy paper regarding the same around July.
A NITI official said:
“The AI discussion paper was a priority because the finance minister had announced about it during the budget. The work on the blockchain paper is in full swing now and hopefully it will be out by the end of the month or beginning of July.”
Back in February, it was reported that IndiaChain is the name given to NITI Aayog’s ambitious project to develop a nation-wide blockchain network. NITI’s vision is to link IndiaChain with IndiaStack, the digital infrastructure that forms the backbone of the Aadhar project. It had also been reported that work on proof of concept [PoCs] of blockchains, used around land records, agriculture and healthcare, had started.
Unified Payments Interface [UPI] is architected and maintained by National Payments Corporation of India [NPCI], the umbrella organization for all retail payments in India. It is reported to have said that NITI would try to replicate UPI like features on IndiaChain.
Companies and other government bodies can build “sidechains” in specific areas, like in the mortgage business, an individual’s credit records can be on a separate blockchain [banking sidechain], which can be linked back to IndiaChain. “Banks can use that information to give loans and track records,” explains the official, who also said:
“Some reference blockchain applications will be built and then other companies can build similar or better applications.”
Debates have been raging around the security of Aadhar, the digital database, ever since it was reported that, for merely 500 INR, anybody’s Aadhar details could be accessed.
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