Indian Parliament’s Shashi Tharoor Praises Features of Blockchain Technology

Shashi Tharoor of Indian Parliament Supports Blockchain Adaption for Its “Efficiency, Transparency & Accountability”

There has been plenty of concerns in India over the use of cryptocurrency, but blockchain technology has had a different fate. In a recent tweet on Shashi Tharoor’s Twitter page, it is clear that the Indian government values blockchain greatly. The tweet said, “The LokSabha discussed fertilizer subsidy today. I wanted to ask them about the Niti Aayog’s initiative to use blockchain technology in the distribution of fertilizer subsidies across the country. https://goo.gl/uGwxYo When will they start implementing it?”

Tharoor is a member of the Initial Parliament, but he is also a member of Lok Sabha, which is the lower house of the Parliament. With his support of blockchain, he also said that he believed it was the “one-stop shop for efficiency, transparency & accountability, is a digital open ledger available permanently, that allows only additions and not deletions of records.”

The main reason that India seems to be behind the curve with the implementation of blockchain technology can be largely credited to the ban on cryptocurrency in the area. The regulations are presently being challenged, and may result in a new decision in September, but that does not leave any inkling on what will happen to blockchain technology in the area. In fact, there are many citizens that doubt that anything will come of blockchain in India at all.

The CEO of Nucleus Vision, Abhishek Pitti, has hope, saying,

“There are rumours about digital currency, hence the blockchain technology creates trust by keeping all the transactions under the control of the user.” He continued on, adding,

“blockchain technology is not cryptocurrency, it is the technology behind it which can be put to use in several sectors. Few people in India even tried to use the technology to keep a tab on chit fund companies, thereby allowing each member to know about the other member in the chit group.”

Even without the path laid out for blockchain technology in India, there is still been plenty of progress about adding it to the country. The biggest name that is presently seeking out blockchain solutions is NITI Aayog, which is basically the government’s main committee. Their goal is to use blockchain to eradicate fake and unauthentic drugs within the country, which is just a testament to how useful blockchain can be to multiple industries.