Use of Blockchain
Blockchain has become front-page news in recent times and obviously, this would have been the case due to the simple fact that Blockchain technology is rendering its services in various departments. Earlier Blockchain was a term that related to purely Cryptocurrency and Bitcoins. However, with changing trends, this advanced technique turned out to be useful even in maintaining a digital ledger; reasons being you can figure as to what shall be the additions, subtractions, divisions or multiplications in the ledger.
Another important aspect here is that you can experience a new platform that is capable enough to handle a large amount of data on its shoulders.
An End to Uncertainty
Keeping these and similar other points in view, the Government of India has brought in Blockchain into its fold by turning it to be one of the ingredients to payment interface. It is now to see how would IndiaChain idea work as Niti Aayog, the National Institution for Transforming India or policy think tank of the Indian Government shall begin its work on Blockchain project that is set to change numerous things with the same shot.
As for IndiaChain, Niti Aayog, the think tank has been working actively on bringing to the fore a solution to record keeping. Such a step is indeed one of the major ones in recent times as this would lead to stoppage of fake records or mismatched records.
The Government of India is also planning to make use of ‘proof of concept’ with Blockchain advanced technique as its base. Brains who are putting their efforts on this are in the process to prepare space or rather a technology wherein a cutting-edge procedure would replace chains of reports or data collection.
And finally, there shall be proof of concepts or PoCs of Blockchain which shall, in turn, be of assistance in different fields like agriculture, healthcare among other departments such as land records. Furthermore, drugs have also come into the picture thereby promising that no stone would be left unturned without properly looking at it.
Global Outreach of Blockchain
As per sources, Blockchain has not left any country with its unique concept of the digital ledger. Due to such and similar other reasons, people across the globe have been spellbound when this (read Blockchain) is being used. By the way, do you know about the numerous fields, Blockchain is being utilized in?
Well, if you are unsure about it then read on: you get to see the use of digital ledger in departments such as Tax Filing, Smart Contracts, Asset Registry, Voting, Healthcare, Crypto Currency and Identity Management. Even Banking Transactions are not left behind when it comes to usage of latest methods in transactions.
Side Chain Like Structure
Earlier it was BHIM, an application released by the National Payments Corporation of India that had been built on UPI or the Unified Payment Interface. This became quite a success but with time, IndiaChain came in to picture that is taking a step further in terms of its application.
Did not understand?
Well, Niti Aayog has been in talks besides working on IndiaChain so that it ends up being interoperable platform wherein companies may further build it to something else or in a better way.
Like some of you may be aware of the fact that WhatsApp (only the beta testing payments side), Tez from the house of Google, Paytm, Amazon Pay, Reliance Jio or even PhonePe… these all are based on the Unified Payment Interface itself.
Similarly, IndiaChain would have side chains thus bringing to the fore a huge number of payment applications beneficial for all people involved in it.
Some of you may very well be aware of UPI or the Unified Payment Interface that has made mobile payment system (mobile banking) a lot easier than it was before. The credit for UPI thus goes to NPCI aka National Payments Corporation of India.
In addition, NitiAayog would be using blockchain technologies in ‘Proof of Concept’ in order to curb issues being faced in healthcare, land records or agriculture apart from fake drugs. Now, this is what we say the best use of technologies at right time and at the right place. Strong foundation forms even stronger buildings and same is the case with UPI as it forms a base to BHIM (a cashless app founded by the National Payments Corporation of India).
Hence, if we look at various aspects then we can conclude that the Indian Government is trying several means to make transferring money in real time simpler. IndiaChain’s platform shall not only assist government but even private organizations whereas NitiAayog has taken upon itself to work on blockchain paper as till now Artificial Intelligence paper was prioritized.