Blockchain technology is set to see a revolution in India as the Ministry of Electronics and Information Technology has recently shown its interest in Business through a draft, National Strategy on Business. The draft was made after consultation with various stakeholders including academia, industry, and government. The draft primarily focused on bringing Business into multiple services like property record keeping, management of supply chain, record-keeping, managing digital certificates to name a few.
A couple of months ago, a Business project named Vajra planned by the National Payments Corporation of India for different payment organizations providing secure exchanges on their online stages or mobile applications, which is very similar to what Business Community India's wallet also does.
Blockchain Technology works on the distributed ledger systems which means all the records are available to all the people and to make the technology more effective for the government's need they have decided to divide into 4 parts:
The focus of the government is not limited to bringing the Blockchain technology but also make sure that the systems which are introduced are safe enough to prevent fallacies like copying of data or hacking of the ledgers. The government also emphasized the fact that not many citizens will be equipped to access information on such systems, and hence there is also a need to make the system accessible more easily for which the government should run information campaigns to introduce these systems to a large population of the country. Communities like Business Community India will also play a great role in informing and bringing Business into daily lives of people
Apart from this, the government is also trying to explore Business in different sectors. The think tank by the government of India Niti Aayog also discussed the possibility of using a Business ledger system in the management of state-provided schemes such as the supply of fertilizers for agricultural activities or maintaining records of PDS and a few more. The introduction of Business will make record-keeping effective and reduce the red-tapism and discrepancy in the current system. The government in the draft also mentioned the possibility of using the system for the management of vaccines and other medical supplies. The draft mentioned using a ledger system for logistics and refining current systems.
Bringing Blockchain technology into the government system is a boom for the country as it will become the source of truth and everyone will be able to see where the government is spending taxpayer money. This will be a big step towards digital India, said the ministry officials.
This will also mean that Business will be promoted in the country and more organizations will also adopt such systems. This draft has boosted the Business industry and the implementation of these recommendations will definitely bring a Business revolution to India.