Indian think-tank NITI Aayog has signed a Statement of Intent (SOI) with fertilizer major Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) to undertake joint research on blockchain application in fertilizer subsidy management, according to The Hindu.
Under the SOI, the two bodies will work closely to implement a blockchain proof-of-concept. They will interact and discuss the use of blockchain technology for specific needs of fertilizer subsidy management.
GNFC believes that blockchain implementation could improve the efficiency of distribution of fertilizers and automate subsidy transfer, which could be made in real-time.
On the basis of the outcome of the PoC, NITI Aayog will make policy recommendations on strengthening the subsidy mechanism.
Recent reports suggest that NITI Aayog has proposed a blockchain project “IndiaChain” – a system targeted at the country’s public records.
Furthermore, in collaboration with ConsenSys India, NITI Aayog is going to hold the biggest blockchain hackathon this month. It is also organizing an Ethereum workshop on understanding ‘Casper’ protocol and exploring blockchain sharding.
