NITI Aayog Develops Plan To Use Blockchain Tech

NITI Aayog Develops Plan To Use Blockchain Tech

The premier think tank of the government, NITI Aayog, is operating on a nationwide strategy for blockchain that will recognize the regions where the nation can use the tech. In addition to this, it will also list out the methods for doing so. A policy document is anticipated to be issue by July 2018, executives claimed to the media in an interview.

NITI Aayog Develops Plan To Use Blockchain Tech

This arrives after Arun Jaitley, the finance minister, had in his speech of Budget 2018–2019 request the Aayog to prepare a pipeline for blockchain. By April 2018, the Aayog will present a discussion document that it is making with all the central and states ministries, claimed an official of the government who wished to be unidentified.

The document will list out regions where blockchain can be used and also advisories on how not to go overboard with it considering the buildup around it. After the stakeholder consultation and the feedback, a nationwide strategy will be made for employment of the encrypted distributed ledger that can be traced.

“We are going to make a framework for ministries and states via a discussion document on where and how they could use blockchain and when they must carry it out. NITI’s task is to be a knowledge center and below that authorization, we need to do discussions and put a structure for us to accept this tech,” the executive said.

On a similar note, NITI Aayog claimed that credit and debit cards, coupled with ATMs, will all be outmoded in the subsequent 3–4 Years, all credited to people shifting over to their smartphones for financial transactions.

NITI Aayog credited this transformation to the actuality that 72% inhabitants of India were below 32-year-old who were extremely tech-savvy and therefore, it would bear out to be an advanatge for the nation over other regions such as Europe and the United States, with reference to demographic dividend.

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