Why India needs a native blockchain protocol ?

The world’s largest democracy is marching towards digitization.There are numerous underlying problems in the Indian systems that the blockchain technology can eliminate. These pertain to areas of banking and finance, agriculture, education, employment, healthcare, voting, supply chain, retail, and even Goods and Services Tax (GST).

NITI Aayog is applying Blockchain in areas such as land registry, health records, fertiliser subsidy distribution system, the menace of fraudulent drugs, agriculture supply chain. These disruptive projects will bring immense productive efficiency. The Ayushman Bharat initiative, announced by the government of India 2018; aims to have a far-reaching impact on the Indian healthcare landscape by incorporating IT enablement, data analytics and management of fraud, among other things, in healthcare. It aims at providing efficient healthcare facilities to more than 10 crore rural and urban families. This would not only enable communication between different data repositories but also a uniformity with untampered data in their storage and security infrastructure.

The Eleven01 Foundation is developing India’s first ever home-grown blockchain protocol -a protocol that accommodates ledger which can act as an accelerator. This will be developed with oracles where the privacy settings can be altered and consensus algorithm can be chosen depending on the type of use cases being worked on.

It is high time for India to look at blockchain aggressively and benefit from everything, this transformation technology has to offer. Now with a blockchain protocol that has been developed and grown in the country, opportunities for India have increased to play a major role in this global movement. Its time for India to take a leap on this.

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