Indian government eyes blockchain tech

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The National Institute of Transforming India (NT), considered India’s foremost policy institute and think tank, is exploring blockchain applications in a number of sectors including education, health and agriculture.

Reports are that NT is eyeing the use of blockchain technology with work toward a proof-of-concept (PoC) to trial the decentralized technology across a number of sectors. The PoC will be put to use in a number of ‘key sectors’ as the government has found it to be a safe system for document verification in those pre-approved sectors.

At a recent hackathon organized by NT, ‘AgroChain’, a blockchain-based marketplace connecting farmers and consumers for ‘cooperative contractual farming’, won top honours. The government is also developing a blockchain for land registration in the state as a means to curb fraud.

The regulator is also researching the technology while the central bank’s research arm pressed ahead to launch a blockchain platform for multiple banking applications, last year.

In February 2017, government-owned State Bank of India (SBI), the largest bank in the country, launched ‘BankChain’—the country’s first financial blockchain consortium comprising private and public banks as well as technology companies to develop blockchain solutions in the financial industry. The SBI launched two blockchain production-ready solutions in beta last month with rollouts for smart contracts and a ‘know your customer’ platform.

The southern Indian state of Andhra Pradesh announced a partnership with a technology firm to launch blockchain pilot projects in departments within the state government.

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