NITI Aayog set to Launch ‘IndiaChain’ a Nationwide Blockchain Infrastructure Platform
The Indian government’s think tank, NITI Aayog, is reportedly set to launch ‘IndiaChain’ a nationwide blockchain infrastructure that will allow both government and private companies to develop applications on the platform.
As per FactorDaily report, the National Institute of Transforming India (NITI Aayog), India’s primary policy institute and think tank, is preparing the launch of ‘massive blockchain project,’ dubbed ‘IndiaChain,’ that will be used as an interoperable platform to enable private developers and companies to develop a blockchain-powered applications in the public domain.
The influential government think tank is further working on a whitepaper at present, with an official stating:
“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.”
NITI Aayog has compared the scale of the blockchain project to that of the nation’s massively-successful United Payments Interface (UPI), a software layer that allows instant payments between domestic bank accounts.
India’s UPI is unlike any other major country’s domestic payments system, in that offers zero-cost, instant bank transfer between bank accounts and a virtual payment address (for instance: abc@hdfcbank) and has proven to be a huge success. Developed by National Payments Corporation of India (NPCI), the software’s API has been used by technology giants including Amazon and Google to release their own money-remittance applications that are being utilized by millions in the nation.
NITI Aayog will use IndiaChain with a similar roadmap that will see the government create a few initial applications before enabling private companies with better technological skillsets to build upon those applications.
A NITI Aayog official was quoted as saying:
“Some reference blockchain applications will be built, and then other companies can create similar or better applications.”
The think tank has been examining blockchain applications in a number of public sector area including education, agriculture, and healthcare. In April, the government body revealed its plan to crack down on the chronic problem of counterfeit medicines in the domestic supply chain by turning to blockchain technology.