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.