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<ul><li>The Indian government is planning a major <keyword id="6355684" type="PERSON" weightage="20" keywordseo="Blockchain">blockchain</keyword> project for the country. </li><li>The Aadhaar database will also be part of this platform.</li></ul>The Indian government is planning to launch <keyword id="6111055" type="UNKNOWN" weightage="20" keywordseo="Indiachain">IndiaChain</keyword> - a <a href="https://factordaily.com/india-readies-upi-like-blockchain-platform/">colossal blockchain project</a>. The initiative was first proposed by the country’s think tank NITI Aayog, which announced a blockchain system meant for <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s public records in November last year. This project is the first step to a larger system of record keeping and public good disbursement. As of now, this project will have similar features to the unified payment interface (UPI), a software application that facilitates easy and secure transfer of money in real time. UPI is a payment API that can be used by private companies to build payment apps. Currently, Amazon Pay, Google’s Tez, Paytm, PhonePe and Reliance Jio are built on UPI, while WhatsApp is beta-testing payments through UPI. What is the purpose of IndiaChain? Through IndiaChainm the government aims to enforce contracts quicker, prevent fraudulent transactions, and help farmers through the efficient disbursement of subsidies. It will also link the IndiaChain project with IndiaStack - its unique identification database for the Aadhar initiative. The new system architecture could also help the government track taxes that come from all around India through a unified and secure system network (i.e. no more tax evasions). According to reports, the government will use the blockchain system for the following purposes:- <ul><li>Land records</li><li>Supply chain management</li><li>Identity management</li><li>Benefit distribution</li><li>Educational certificates</li><li>Power distribution</li><li>Cross-border finance</li></ul> While it sounds good on theory, the ultimate success of the IndiaChain initiative depends on how well it is implemented and adopted. According to a Factor Daily report, Niti Aayog plans to bring out a “blockchain policy paper” next month. Once ready, the government will hope that IndiaChain sees the same kind of adoption that UPI has received so far. What is Blockchain? Blockchain is a decentralised and distributed record keeping system that is maintained across a network of computers, called nodes. A blockchain consists of units called blocks, which keep the record of a transaction and is secured using cryptography. A block also contains a cryptographic key(hash) alongside a timestamp, representing the transaction. A blockchain is monitored and managed by a peer-to-peer network by using standardised protocols.

What is IndiaChain: a blockchain system that could soon be the heart of governance in India?

<ul><li>The Indian government has drafted a <keyword id="10714457" type="UNKNOWN" weightage="20" keywordseo="national-strategy-on-blockchain">National Strategy on Blockchain</keyword>.</li><li>This could be the next big step in the <keyword id="3264646" type="PERSON" weightage="20" keywordseo="India-stack">India Stack</keyword> – an ambitious technology project Indian government embarked upon over 10 years ago.</li><li>If the implementation of UPI was revolutionary, the scale of changes that the addition of <keyword id="6355684" type="PERSON" weightage="20" keywordseo="Blockchain">blockchain</keyword> infrastructure can facilitate will be way, way bigger.</li></ul>Over 10 years ago, the Indian government opened up its database for private players to build products upon it. The combination of Aadhaar ⁠— the world’s largest identity database ⁠— along with the government’s payments infrastructure, riding on the proliferation of mobile phones, allowed millions of Indians to leapfrog into the digital payments era. <div type="image" title="india stack1" msid="80718503" hostid="261"></div> The sheer scale of the ambition and its success in bringing financial inclusion got the Indian government laurels from some of the biggest icons of modern technology, including <keyword id="45830" type="PERSON" weightage="20" keywordseo="Bill-Gates">Bill Gates</keyword>, Satya Nadella and <keyword id="164502" type="PERSON" weightage="20" keywordseo="Sundar-Pichai">Sundar Pichai</keyword>. And now, India is set to add blockchain infrastructure to that India Stack and the benefits could be way, way bigger than what the unified payments interface (UPI) achieved. According to the draft National Strategy on Blockchain, a government-led blockchain infrastructure can become the hub for private developers to build applications. If the India Stack allowed developers to build payments products, access to blockchain infrastructure can revolutionise products and services across healthcare, cyber security, governance, media, logistics &amp; hospitality, education, legal, energy, smart cities and so on. <div type="image" title="Blockchain" msid="80718512" hostid="261"></div> “Blockchain being a single source of truth can be used for authentication and verification of all the transactions and data, produced by various government departments,” said the draft. The government is currently accepting public opinions on the draft until February 16 through the MyGov platform. Now, what can this technology be used for? The latest draft from The Ministry of Electronics and Information Technology has laid out some of its targets. <ul><li>Setting up a national framework for blockchain.</li><li>Architecture options for blockchain including private participation.</li><li>Applications of national interest for blockchain which includes e-voting, land records, pharmaceutical supply, power distribution, identity management among others.</li><li>Build centres of excellence of blockchain technology.</li></ul>The success of the India Stack is fuelling excitement around the ‘India ledger’ By opening up its database securely for private developers, India had done what no other country had. Sundar Pichai, the CEO of Alphabet, which owns the internet giant Google, in an <a href="https://economictimes.indiatimes.com/opinion/interviews/if-upi-payments-work-in-india-it-will-work-everywhere-sundar-pichai-ceo-google/articleshow/56341566.cms">interview</a> in 2017 had said that UPI and India Stack conversations get him excited. Pichai, who had then said we will see products being built out of India for a global stage, has since then gone on to commit $10 billion into the country’s technology ecosystem. <a href="https://economictimes.indiatimes.com/tech/technology/digital-india-and-india-stack-have-made-the-country-stand-out-satya-nadella/articleshow/79783076.cms?from=mdr">Talking about India Stack</a>, Microsoft founder Bill Gates had said that India is at the “cusp of leapfrogging” whereas his successor Nadella said ,”'Digital India' framework has made India 'stand out' from the rest of the world”. One of the architects of India Stack Nandan Nilekani, the co-founder of Infosys, had called it the “single most important innovation India needs”. Opening up a blockchain infrastructure for similar innovations may lead to bigger advancements in technology than UPI, which is hailed as India’s most successful digital project. “We can create our own massive blockchain ledger, say India Ledger, where all researchers and experts come together. The third is that we need to create our own journey with blockchain. Now, is the time to really work on these thoughts,” said Prasanna Lohar, head of digital innovations at DCB Bank and a blockchain expert who has been privy to the discussions around blockchain with the government. Along with the blockchain strategy, India is toying with the idea of banning private cryptocurrency and instead bringing out its own “digital rupee”. “Niti Aayog, India's think tank has been working on IndiaChain, India's own ambitious project to develop a nationwide blockchain network, which has revolutionized India’s position as one of the emerging technology players. A few months ago, a blockchain project named Vajra designed by the National Payments Corporation of India for various payment companies providing secured transactions on their online platforms or mobile applications, shows the government is taking proactive initiative to support blockchain,” said Neeraj Khandelwal, co-founder of cryptocurrency and bitcoin startup CoinDCX. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/india-becomes-the-first-asian-country-allow-small-investors-to-directly-lend-to-the-government/articleshow/80701417.cms">India becomes the first Asian country to allow small investors to directly lend to the government</a>

The India stack that Bill Gates and Sundar Pichai so love is set to get much bigger – thanks to the Indian government’s new blockchain strategy

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What is IndiaChain: a blockchain system that could soon be the heart of governance in India?

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The India stack that Bill Gates and Sundar Pichai so love is set to get much bigger – thanks to the Indian government’s new blockchain strategy

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