The Indian government seems quite enthusiastic with the usage of blockchain technology. Ever since it was mentioned by Finance Minister in his budget speech the projects initiated on the latest technology are picking up fast. The officials have already begun their research on the project of fertilizer subsidy disbursements to farmers which will be based on the blockchain.
In the latest update, The National Institute of Transforming India (NITI) has got into a statement of intent with Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC). The fertilizer giant and the policy-making body will work together in developing a blockchain based subsidy management.
According to CCN, the team is also planning to outline policy suggestion to improvise existing subsidy mechanisms. The new system will be more secure and immune to data leak and hacking. Financial support distribution in payments to farmers will turn into more streamlined method sans documents requirement or authorization.
The two parties will be developing a proof-of-concept (PoC) application for developing the efficiency of the distribution chain. The estimated domestic fertilizer subsidy industry is worth $10 billion and it involves multi-agency distribution chain. The designed solution will be powered by smart contracts to permit immediate and precise reconciliation of transactions. Also, GNFC MD Rajiv Gupta stated that blockchain will streamline the distribution and automate it in real time.
Future Indian Projects Based On Blockchain Technology
Blockchain will be implemented in India’s Soil Health Card. The idea is to recommend precise fertilizers to farmers according to the soil of their land. The PoC developed will assemble a list of decentralized areas undertaken by NITI like education, health, and pharma.
The idea is to develop a core blockchain based central infrastructure. Also, there is another proposal to enable private enterprises to build their own customized apps in accordance with the governmental network. No timeline has been defined for the projects as of now.
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