The NITI Aayog see the blockchain as a means of resolving many economic and social issues such as: land record regulation to remove duplication, electricity distributing, and achieving Know Your Customer (KYC) regulations for banking, however, the blockchain is primarily aimed at reducing financial fraud, developing transparency of transactions and giving the agricultural economy a boost.
IndianChain will integrate with the ‘IndiaStack’ project, the purpose of which is to guide the population of India into the digital age.
The blockchain will operate similarly to the unified payment interface (UPI) software, which simplifies the process of transferring money in real time. This UPI-like technology could allow both private companies and the public sector to use IndiaChain with several payment applications (Amazon Pay,WhatsApp, etc).
The Indian government plans to use the blockchain to change the way farming subsidies are regulated and distributed and is testing the relevance of the system in such fields as Land Records, Supply Chain Management, Identity Management, Benefit Distribution, Educational Certificates and Power Distribution.
The ultimate goal of IndiaChain is to help construct a more efficient public goods infrastructure for improved organization and distribution of goods and public services and increase transparency of governance in order to reduce fraud.
Earlier Insider.pro reported on a blockchain initiative of alocal government in the South of India.