Maharashtra, the second largest Indian state, wants to pave the way for the use of blockchain technologies with a large-scale initiative. The aim is to help a so-called "regulatory sandbox", which should be set up within the coming months. In the future, the government wants to use blockchain technologies, among others in the agricultural sector and in public administration.
Anyone who follows the worldwide advance of blockchain technologies in this country can not avoid the view to the east. But not only East Asian technology pioneers such as Japan, South Korea or China have the potential of the technologies firmly in view. The fact that India is also focusing its attention on the blockchain is proven by the latest news from the emerging market.
In the past, the Indian state of Andhra Pradesh has tested the possibilities of decentralized networks for itself, with Maharashtra the next regional administration now uses blockchain technologies.
In the context of a large-scale technology initiative, the West Indian state wants to use blockchain solutions in supply chains, the agricultural economy as well as in the public administration - in the registration of vehicles and official documents. If this succeeds, you want to expand the use. Plans were announced by the English news portal DNA this Monday, 19 August.
"Regulatory Sandbox" should prepare official use
In order for the broad use of technologies to succeed, the government now wants to set up a so-called "Regulatory Sandbox" within the next few months. This is a kind of experimental space. It allows companies to test their software over a period of time and under the guidance and supervision of government authorities. Often they do not have to comply with all legal requirements. This should help them, on the one hand, to explore the potential of their technology solutions and, on the other hand, their construction sites before entering the market and using them officially.
In Maharashtra, the government intends to spend up to 140 million rupees [approximately 1.8 million euros] within the next two years to drive the development of blockchain technologies. In recent months, numerous pilot experiments have already been carried out, preparing for a "comprehensive deployment," government officials report to DNA.
[With the Blockchain] the state government uses cutting-edge technology to improve the efficiency of governance [...]. In the next five to six months, a Regulatory Sandbox will be set up, setting the common framework for the introduction of blockchain technology.
The Secretary General of the IT Ministry SVR Srinivas summarizes the initiative of the government.
Despite the advance of the Blockchain, cryptocurrencies threaten to stagnate
With its 114 million inhabitants, Maharashtra is not only the second largest administrative district in the South Asian country. In addition, the state of India is based in Mumbai, the economic and financial center of India. There will be no lack of application possibilities for developed blockchain solutions beyond the official use of the government in the future. Some companies have already taken the blockchain into consideration.
One of these crypto-enthusiasts is the giant corporation Reliance Industries, which is one of the major economic engines of both Mumbai and India. Only last week, its main owner and CEO, Mukesh Ambani, announced plans to launch "one of the world's largest blockchain networks" in the coming years. According to Forbes, the project's largest man in Asia wants to help the local agricultural industry with this project. In addition, the network should help to protect the personal data of Indian citizens.
While blockchain applications seem to be gaining in popularity these days, cryptocurrencies are threatening to stall in India. In the fight against tax evasion, Parliament wants to decide by the end of the year on a bill that is to prohibit Bitcoin & Co. entirely. Observers fear huge losses for the country's economy.
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