National Institute for Transforming India (NITI) Announces IndiaChain Blockchain
NITI IndiaChain To link Tith IndiaStack
In the race for the cryptocurrency, every country is showing interests, India being one of them. According to one of the article it was mentioned that National Institute for Transforming India (NITI) is sharing some knowledge about blockchain and will explain their functions. They have shared their views which were published later in a newspaper on Artificial Intelligence. Now, their aim is to focus on blockchain ‘the next big thing’ which has taken attention of everyone. They have announced to write an article on its policy and it will out soon near July.
It was decided that NITI’s interest for this project can be very helpful as its purpose is to link the blockchain technology with the Aadhar card so that there would be a track record of everyone on blockchain and it will guide people where the Aadhar card is needed. This NITI’s new project name is IndiaChain.
So IndiaChain will be linked with IndiaStack. So, Aadhar card is one of the most important document in India which is required almost everywhere. Like in transactions, land records, agriculture, healthcare etc. It will be helpful to remember the person detailed information stored in blockchain platform which will make the life easier, and faster.
NITI’s concept of making the transaction run on a platform like a blockchain is one step ahead move as it also believes that it can link the UPI (Unified Payments Interface) which is used for all the retail payments in India and can tally it with IndiaChain.
So, the idea will help the business to grow for example motor garage business will have its customer records so with everything linked on a platform Banks can easily pull out the track record of an individual for providing them loans on their previous track records and behavior. So, this would be saving efforts and at the same time helping the public.
Sooner or later this idea has to get running and NITI move in making India transform is just brilliant. The idea will be liked by many companies and public too which in return shows that NITI has to prove to implement ideas and keep it going so that in a few days this brilliant idea will be functioning.
NITI also got a clearance from the finance minister, it was appreciated and the work on the blockchain development will start this year. A great move by NITI