Blockchain Has Beneficial Uses, Says India’s Policy Think Tank

Announcements, Blockchain | January 4, 2018 By:

The National Institution for Transforming India (NITI Aayog) is working towards the adoption of blockchain technology in legally approved areas, such as education, health, and agriculture.

NITI Aayog is a policy think tank of the Indian government. It is established with the aim of achieving sustainable development goals and enhancing cooperative federalism by fostering involvement of state governments in the economic policy-making process using a bottom-up approach.

An unnamed senior government official said that the policy think tank is currently working on a proof of concept aimed at bringing the technology to the key areas. The official added that “blockchain is a safe system for document verification and hence can be adopted in sectors like education, health, and agriculture.”

“The government’s stand on bitcoin is clear, that it is not legal,” the official said. But blockchain has other beneficial uses.”

Last year, NITI Aayog and Harvard blockchain startup Proffer organized an international blockchain hackathon. The end objective of the event was to explore how blockchain architectures could enable a new digital infrastructure for India, improve efficiency, transparency, privacy, and cost across all sectors. AgroChain, a blockchain-based marketplace for farmers and consumers, won the NITI Aayog prize.