Maharashtra, India’s second-largest state, is set to introduce a “regulatory sandbox” for checking how blockchain solutions can be utilized in different applications.
Report from DNA India
The country’s English language news site, the DNA India, recently reported that Maharashtra’s government plans to apply blockchain technology in various areas, like agricultural marketing, document management, supply chains, and vehicle registrations.
The project will be spearheaded and further developed by the Maharashtra Information Technology Directorate. Meanwhile, the state has already set aside 100 million rupees, or about $1.4 million to help with blockchain adoption for 2019 to 2020. The state’s implementation committee has already approved 40 million rupees, or $560,000, of that budget.
S.V.R. Srinivas, the principal secretary of Maharashtra’s IT department, explained to DNA India that adopting the cutting-edge technology will help improve government efficiency. Srinivas shared that the government has already wrapped up a blockchain pilot program in the areas of documentation, health, and supply chains.
The IT secretary also said that a detailed report has already been prepared that recommended the extensive use of blockchain solutions in the different government departments. He also said that a sandbox will be prepared in about six months and that this will be the mutual framework used for testing this technology.
Maharashtra is a good choice for this program. The massive state has more than 114 million residents and contains the capital of Mumbai. The state’s local government has also entered a memorandum of understanding with Bahrain’s Economic Development Board to design a foundation for the two country’s collaboration on fintech.