A policy think tank of the Indian government, NITI Aayog, has released its national blockchain policy typhoon paper dubbed "Blockchain — The India Strategy" which explains different employ cases of blockchain in India along with some conclusions from ongoing pilot projects.

NITI Aayog was established with the aim to achieve sustainable development goals by fostering the interest of state governments of India in the economic policy-making process.

Strategy presents a two-part programme

The strategy document targets stakeholders such every bit regime, enterprise leaders and citizens with the aim of demystifying the concepts surrounding blockchain engineering. It aims to create a physical national plan of action towards blockchain applied science.

The policy paper is beingness released in two different parts. Part one deals with bones concepts, trust systems, the economic potential of smart contracts and blockchain, ease of doing business and different ongoing use cases. Part two will be released in the coming weeks which volition mainly cover dissimilar recommendations for using blockchain technology in India.

The think tank explains that the generic features of distributed ledger applied science could represent a paradigm shift in the political economy of Republic of india. It emphasizes a rethink of the current engagement of government bodies:

"Government should pay special attention to the decentralized network where peer-to-peer transactions can create more socio-economic value. If state entity is at that place just to ledger maintenance and not calculation some value and so we can relook the part of government."

For instance, the strategy paper states that for state and property transactions, there could be a DLT based organization that would brand it unnecessary for a government entity to continue records.

Pilot projects provide valuable insight

NITI Aayog has pursued proof of concepts in 4 areas in an effort to amend understand the possible hurdles to implementing blockchain technology. The airplane pilot projects included a track and trace of drugs in the pharmaceutical supply chain, claims verification and approval in the disbursement of fertilizer subsidies, verification of university certificates, and a transfer of land records.

However, in order to deploy blockchain at scale, the private and public sectors need some legal and regulatory modifications, according to NITI Aayog.

What'southward next?

The second part of the strategy, to be released in coming weeks, will focus on recommendations to establish India as a vibrant blockchain ecosystem, including regulatory and policy considerations, creating a national infrastructure for policy solutions, and a procurement process for government agencies to adopt blockchain tech.

The document released past NITI Aayog is the second such strategy to be published by a authorities entity in recent weeks. Earlier this month, Cointelegraph reported that Bharat's National Institute for Smart Governance, a non-profit public body incorporated by the government of India, has published a typhoon document on the country's national blockchain strategy.