Blockchain India Policy

Posted By Praisudi

Sep 28




WHAT IS BLOCKCHAIN?

A Blockchain is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a Blockchain is resistant to modification of the data.

  • A Database. A list of records/transactions, like a ledger, that keeps growing as more entries are added

  • Which Is Distributed. Copies of the entire database are stored on multiple computers on a network, syncing within minutes/seconds

  • Adjustably Transparent. Records stored in the database may be made visible to relevant stakeholders without risk of alteration

  • Highly Secure. Malicious actors (hackers) can no longer just attack one computer and change any records

  • And Immutable. The mathematical algorithms make it impossible to change/delete any data once recorded and accepted

POTENTIAL BUSINESS FEATURES OF BLOCKCHAIN




Improving profitability and quality

  • Automation using smart contracts/algorithms

  • Traceability of all historical transactions

  • Speed and efficiency of transactions by eliminating intermediaries

  • Enhanced security by encryption of data at the stage of dissemination

  • Prevents tampering as any tampering may leave behind a trail

Increasing transparency

  • Distributed ledger

  • Provides a comprehensive picture: all stakeholders see the same information to which they have access

  • Availability of multiple copies of the shared data

Reinventing products and processes

  • Transparent and predefined rules which facilitate the creation of new products/processes through a decentralized model

  • Tokenization / Digital Assets which are physical objects with a unique digital representation that enables digital ownership, management and transfer

Economic Potential of blockchain by industry sectors

India’s Digital Foundational Infrastructure




Aadhaar

  • World’s largest identity database with more than 1.2bn biometric identities

  • More than 25 million authentications per day

Unified Payments Interface (UPI)

  • World’s most sophisticated digital payments system

  • 1.3bn transactions processed in December 2019

Goods and Services Tax Network (GSTN)

  • More than 400 million returns filed

  • More than 800 million invoices uploaded

PM-JAY

  • World’s largest healthcare initiative with

  • ~500 million beneficiaries covered ~119 million e-cards issued so far,


BLOCKCHAIN POSSIBILITIES IN E-GOVERNANCE


  1. Land Records: Creating a new system to manage land record transfer and ownership

  2. Securing Government issued certificates and documents

  3. Pharmaceutical drugs supply chain through blockchain enabled trust

  4. Blockchain solution for educational certificates

  5. Immunization Supply Chain

  6. A blockchain based model for subsidies and benefit transfers

  7. Tracking and Provence of Organic Farming

  8. Securing energy trading through Blockchain

  9. Secure payments and transactions in immutable records

    10. Various government services transactions can be stored in blockchain for immutable records that cannot be tampered with. This avoids duplications and malpractices.

Land Registry

  • Stamp duty paid

  • Registration

  • Payments

  • Land transfer records

Pharmaceutical

  • Formulation records

  • Formulation Manufacturer

  • Distributor

  • Transportation monitored under specific conditions

  • Pharmacy

Education Sector

  • E-Certificates

  • School Certification

  • College and Institution certificates

  • Students Access info

  • Identity Verification

Agriculture

  • Production and Traceability

  • Organic Certification

  • Storage records

  • Transportation and supply chain

  • Subsidies given to farmers

Summary


Governance in India faces unique challenges given the scale, diversity and complexity of processes involved for delivery of varied public services. Blockchain offers unique possibilities of addressing issues relating to improving governance. In business, by allowing ‘self-regulation’, India can considerably move towards improving the ‘Ease of Doing Business’ by allowing entities to interact through a trusted medium with a reduced dependency on cumbersome regulatory oversight and compliance. By empowering citizens through features of transparency, decentralization and accountability, blockchain would help in improving ease of living.

To know more about blockchain and build your next blockchain based solution you can reach us at contact@smartchainers.com or our website

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