⏳ Final hours! Save up to 60% OFF InvestingProCLAIM SALE

Digital India — Indian Government’s Effort in Blockchain Adoption

Published 10/18/2021, 10:02 AM
Updated 10/18/2021, 10:30 AM
Digital India — Indian Government’s Effort in Blockchain Adoption

  • 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.”

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.

Continue reading on CoinQuora

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.