Blockchain has proven to be the best route to improved efficiency, transparency, and accountability in businesses and government services globally. Many countries are using it. Will it work in India?
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The New Delhi Municipal Corporation (NDMC) is planning to create a blockchain-based infrastructure for its record management system (RMS) and will subsequently to migrate its existing birth-death certificate and property tax database to this infrastructure.
The National Capital Territory of Delhi (NCT) comprises three local bodies Municipa Corporation of Delhi, NDMC and Cantonment Board. While MCD comprises approximately 96 per cent of the area and population of Delhi, the NDMC consists of only 3 per cent of the population.
NDMC area comprises of the area that is regarded as the seat of central authority in India. It comprises buildings such as Rashtrapati Bhawan, Parliament House. The Indian government owns about 80% of the buildings in the NDMC area.
Blockchain: Good, bad and ugly
The technology promises transparency in multi-stakeholder business set-ups. What can go wrong?
In January 2021, the Ministry of Electronics and Information Technology (MeitY), Government of India, published a draft of the National Strategy on Blockchain, which mentions 17 different uses of national importance for blockchain technology. It is interesting to see that slowly, but steadily, the Government is focusing on the business value of this simple yet powerful technology, which has been much discussed over the last few years.
Blockchain is not a new concept; the idea of using hash chains to secure pieces of data, or the concept of cryptographically secured distributed consensus has been around for some decades. However, Bitcoin, the widely debated cryptocurrency, was responsible for popularising blockchain by demonstrating its power in a decentralised set-up. Later, enterprises began finding various exciting business uses for this technology.
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