Indian research center NITI Aayog published a document about the strategy of blockchain development in the country, containing different variants of its usage in various spheres — investment platform learned.
The document sets out the basic concept of blockchain: general notions, key functions of blockchain and its types, economical potential of smart contracts and Distributed Registry Technology scenarios (DLT), which simplify work of enterprises and government bodies. Within a few weeks, NITI Aayog will provide more detailed recommendations on blockchain development directly in India.
Talking about economic situation improving, the research center believes that it is necessary to revise the current activity of government bodies, focusing on the creation of a decentralized network for peer-to-peer transactions. In such a way, operation of national institutions will become more effective and, also, will carry much greater socio-economic value. For instance, if use DLT in transactions with estate, blockchain based system will save these institutions from the need for financial reporting, what will simplify the workflow and save time.
NITI Aayog considers that blockchain can be successfully implemented into the health sector to track drug supply chain, and also into education sphere for authentication of diplomas and certificates. But as for the wider application of the latest technologies, for this in the private and public sectors it is necessary to develop a special regulatory regime. According to the researchers, recommendations for blockchain regulation in India will also be presented shortly.