- PBNS India tweeted that the Indian government will soon promote blockchain adoption.
- The tweet says that India might adopt blockchain for the logistics industry as well.
A recent tweet from Prasar Bharati News Services (PBNS) India, made it to the headlines. The digital news provider stated in a tweet that CBIC India “explores new frontiers for promoting #DigitalIndia by adopting blockchain for tracking movement of containers to a bonded warehouse.”
In a move towards promoting secure paperless trade, @cbic_india of @FinMinIndia explores new frontiers for promoting #DigitalIndia by adopting #BlockchainTechnology for tracking movement of containers to a bonded warehouseFor news in detail: https://t.co/yTurPloJAv
— Prasar Bharati News Services पी.बी.एन.एस. (@PBNS_India) October 15, 2021
The crypto industry has seen how India ruled the crypto space. In a report, it says that today, over 10 million Indians own crypto. In fact, CoinSwitch CEO even mentioned that it targets to reach 50M crypto users in two years.
Evidently, blockchain not only dominated the finance industry but different sectors as well. Saying that blockchain changed the world is an understatement — it transformed the world as we know it, all for the better.
Going back, moving in the direction of paperless trade is one of the projects of the Ministry of Finance in India. Its pilot project, moreover, is the implementation of ECTS or Electronic Cargo Tracking System. As mentioned earlier, using blockchain in the logistics sector is one of the ministry’s goals. This particular project is one way to achieve it.
In detail, ECTS will be used for tracking the movement of goods to a warehouse. Similarly, the warehouse will be under Delhi Customs at Tughlakabad Import Commissionerate. Specifically, this project aims to test the blockchain’s promise of secure documentation and GPS-based tracking of containers.
Ideally, this whole project will show if blockchain-based tracking systems are really reliable, especially in terms of sensitive tracking data on a real-time basis. There will be other features as well like notifications and trigger security alerts to immediately report misuse.
Another is zone alerts wherein warehouses will know when a truck enters a certain zone or geographical area. These and many more, are included in the Indian government’s big plans for blockchain adoption in the logistics sector.
The decentralized manner of blockchain still gets a lot of criticism in the crypto space. However, seeing how other innovations (DeFi, NFT, cryptocurrency) thrive thanks to blockchain, one can say it is here to stay and will definitely help governments and industries shape the world for the better.