Niti Aayog paper suggest to adopt blockchain solutions for procurement process

A Niti Aayog discussion paper has made a case for using blockchain technology to resolve business and governance process inefficiencies.

The draft discussion paper titled 'Blockchain: The India Strategy' suggested that regulatory infrastructure should be put in place for evolving a vibrant blockchain ecosystem.

It also pitched for creation of a National infrastructure for deployment of blockchain solutions with in-built fabric, identity platform and incentive platform.

The paper also suggested that the government should adopt blockchain solutions for procurement process.

Blockchains can broadly be defined as a new type of network infrastructure (a way to organize how information and value moves around on the internet) that create 'trust' in networks by introducing distributed verifiability, auditability, and consensus.

Blockchain is seen as a technology with the potential to transform almost all industries and economies.

The World Economic Forum (WEF) anticipates that 10 per cent of the global GDP will be stored on blockchain by 2025 and lists blockchain as one of 7 technologies that are anticipated to revolutionize various aspects of our lives.