India’s Second-largest State Set to Begin Using the Blockchain in Various Sectors




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Blockchain adoption

The government of Maharashtra is planning to adopt the blockchain. A report unveiled this news noting that the state is creating a regulatory sandbox for testing blockchain solutions in different spaces. However, Some of the sectors that the state aims to disrupt include supply chains, agricultural marketing, and vehicle registration.

Reportedly, this move aims to improve service delivery. The Maharashtra Information Technology Directory will head this project. Moreover, to see this project through, the government has set aside $1.4 million starting now until next year.

Commenting on this move, Maharashtra’s IT department principal secretary S.V.R Srinivas said,

The state government is adopting a cutting-edge technology to help enhance efficiency in the governance. Already the government has completed its first blockchain pilot in the fields of health, supply chain, documents and SSC certificates. A detailed report has been prepared to go in for extensive use of blockchain technology in various government departments. A regulatory sandbox, which will be a common framework for adopting blockchain technology, will be prepared in next five to six months.

Maharashtra’s Bullish Outlook on Nascent Technology

Maharashtra contains the capital of Mumbai. Additionally, it is home to more than 144 million people. Before this news, the state signed an MOU with the Bahrain Economic Development Board (EDB) in a FinTech deal. Basically, this agreement sought to create a joint framework for FinTech promotion.

This deal came to be after the Central Bank of Bahrain (CBB) launched a regulatory sandbox to let blockchain and crypto firms work in the country. Furthermore, Bahrain invited Indian firms to set up shop and help boost its FinTech growth.

Dalal Buhejji, the senior manager of EDB noted,

Central Bank of Bahrain has put in the right ecosystem to support growth and innovation. We have seen different new regulations coming out recently to support open banking, crypto asset trade regulation and draft regulation on robo advisory.

This news comes as multiple Indian firms continue integrating the blockchain in their operations. In June, a report unveiled that the RBI was creating a blockchain banking platform. This platform would help enhance RBI’s services in its R&D branch. It is set to go live in the coming year. Per the report, the agency is creating this platform “for blockchain applications for the government in banking”.

Also, in the past week, Reliance Jio Infocomm Ltd., an Indian telecoms provider revealed that it was creating a blockchain network. According to the firm, this project would see it create one of the largest blockchain networks in the world.

The company’s chairman and managing director, Shri Mukesh D. Ambani noted,

“Over the next 12 months, Jio will install across India one of the largest blockchain networks in the world, with tens of thousands of nodes operational on day one,”

Do you think India’s bullish outlook on the blockchain could see it embrace crypto in the near future? Let us know in the comments below.