India is the world’s largest democracy, and – according to the United Nation estimates – its population will surpass China in 2028, making it the world’s most populated nation.
While the country marches towards digitization, the enthusiasm expressed by India’s government as it encourages the continued experimentation with blockchain technology is a sharp contrast from its sentiment on cryptocurrency usage, but that hasn’t stopped blockchain from flourishing.
Blockchain technology implemented throughout India will create a single shared ledger of uncompromised, untampered data, which would not only enable better communication but offer a uniformed and secure infrastructure to government and private sector entities. It also has the potential to offer a singular connection between all government domains while ensuring an even safer, transparent, and efficient system.
In addition to streamlining a completely functional system, connecting all government entities, and providing an improved state of security, India’s move to the blockchain will help the country fight it’s problem of corruption. Corruption Rank in India averaged 75.57 from 1995 until 2017, reaching an all-time high of 95 in 2011 and a record low of 35 in 1995. Just last year, the CPI gave India a score of 40 on their 0-100 scale making on par with Ghana, Morocco and Turkey.
Blockchain’s two most valuable features that make it a tool against corruption are its ability to provide an unprecedented level of security while also guaranteeing authenticity and its ability to eliminate the falsification of documents. Additionally, blockchain also helps overcome the data practices that could be considered ancient, which too many times kept information out of the hands of the masses and were littered with bureaucratic sentiments.
Indian authorities are utilizing blockchain technology to combat cases of corruption and property fraud, implementing a uniform system of uncompromised data, and further streamlining a singular connection between all government domains because blockchain is offering a viable solution.
According to a report by Central Board of Direct Taxes most of India’s corruption comes in the form of anonymous cash or real estate transactions. So how can blockchain deter money launderers? Transactions are stored from beginning to end in an encrypted system eliminating any chance of shell-companies or multiple accounts having the ability to hide money trails.
Blockchain adoption requires resources, resources India has.. With a maturing IT sector and a service sector that is the key driver of the country’s economic growth — it attracts the highest direct foreign investment, contributes to 55.65 percent of the country’s Gross Value Added and employs 28.6 percent of its total population, India has no shortage of manpower. Not to mention, blockchain adoption across India’s service sectors like banking, financial services, retail, supply chain and insurance industries, can potentially add an extra $5 billion to the Indian economy.
So what is India waiting for? Nothing, because even with their stance on crypto being less than positive, the country has adopted blockchain for better.
A country-wide blockchain ledger (or a set of ledgers) is important to a country like India, which is a melting pot of cultures, languages and perspectives. It needs a common ledger of data that acts as a catalyst to bring government and its initiatives closer to the citizens. With local requirements for data sovereignty, privacy and security in mind, Eleven01 Foundation is developing India’s first ever home-grown blockchain protocol that will act as a catalyst to bring government and its initiatives closer to the citizens.
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