Applications for blockchain technology are being developed across various industries, and more entities are making use of the groundbreaking tech to streamline their activity.
The benefits of blockchain technology have not gone unnoticed in Maharashtra and there is a bid to take advantage of these benefits.
The government of Maharashtra has set out to implement blockchain technology in many of the state’s systems. The introduction of blockchain into the state will be led by the Maharashtra Information Technology Directorate which will serve as the nodal agency during the project.
Supply chain, document management systems, agriculture marketing and vehicle registration are some of the areas in which the government plans to implement blockchain.
The government of Maharashtra has given the green light to the blockchain project, and they have given the required notice to citizens.
According to SVR Srinivas, the principal secretary for the state information technology department, the state’s government is adopting the cutting edge technology in a bid to increase efficiency in their operations.
Pilot projects have been completed in the supply chain, SSC certificates, health and document management.
The secretary added that the government has compiled a detailed report which will be used to push for the extensive application of blockchain technology in the different government departments.
They are also working on a regulatory framework which will be the point of reference for the adoption of blockchain. These regulations will be ready within the next 6 months.
Blockchain for government management
Srinivas stated the government’s plan is to implement blockchain technology in the aforementioned departments first and then move onto other departments later. The immutable nature of a blockchain is attractive for the government of Maharashtra and they plan on protecting all their interests using this technology.
Raj Nair, Indian Merchants’ Chamber former president, pointed out that blockchain technology has the potential to change how government systems work for the better.
The authentication of citizens’ documents such as family lineage, proof of birth and rights to ownership can be sped up and simplified using a blockchain. In countries where these processes are time consuming and difficult to navigate, blockchain technology can be the solution.
Potential for cryptocurrency
Whenever blockchain technology is applied, there is a high likelihood that cryptocurrency is closely following. The two move hand in hand and it would not be much of a surprise if the Maharashtra government starts introducing cryptocurrency in the state’s financial system.
Trading in cryptocurrency is becoming more widespread as blockchain technology is being adopted into the mainstream as is the case with government departments in Maharashtra.
If more governments develop similar initiatives, it is only a matter of time before everything in the world is running on blockchain systems.
Players in the blockchain industry will be keeping a close eye on developments in Maharashtra for possible room to enter field.
If the government is embarking on its own projects like this, it is probable that the state is a favorable environment for companies which want to set up blockchain projects of their own.