Indian Prime Minister Narendra Modi recently praised the potential for change in the blockchain and emphasized the need for "rapid adaptation," a rare example of a head of state publicly applauding the technology.
The grand promise of the blockchain is to contribute to transparency, just as the Internet does for communications. It adds to the trust between the two parties - a particularly significant transaction in an economy with low confidence among counterparties. More than 80% of Indians work in the informal economy. The informal economy relies more on interpersonal trust than formal contracts, which makes them vulnerable to fraud. The countryâ€™s bribe rate was 69%, and in 2017 it was rated as the worst corruption country in Asia. Loan fraud averages nearly $2 billion a year. In order to hedge this fraud, commercial loan interest rates are usually very high, as high as 20%, indicating that trust is low.
Modi's comments are not isolated. For a period of time, India has been optimistic about the blockchain - a nickname "City of Fate". The little-known port city on the world stage is becoming the country's blockchain hub.
In 2016, the government of Andhra Pradesh in the southeast initiated the ambitious â€œFinTech Valley Vizagâ€ initiative, which aims to build Visakhapatnam or Divisaqa into a world class The financial technology ecosystem brings together governments, academia, companies, investors and entrepreneurs. Chandrababu Naidu, the chief architect of Andhra Pradesh, the chief architect of Visakha Financial Technology Valley, had already done so. He received wide acclaim for transforming Hyderabad into a premier technology center, where Google and Facebookâ€™s Indian headquarters are located, and is now the premier technology center.
As of the end of 2017, Visakar Financial Technology Valley has attracted $900 million in investment and created 5,500 jobs â€“ although the initial goal was to create astonishing 500,000 jobs by 2020. Subsequently, Andhra Pradesh has become the first state in India to use blockchain governance. It piloted two key projects: managing land records and simplifying vehicle registration. The blockchain helps protect the stateâ€™s digital assets and transactions, preventing outsiders and even government insiders from falsifying. Research by think tank Daksh pointed out that in such a country - property-related disputes account for 66% of all civil cases, dragging down 0.5% of GDP, which is a big problem. The state eventually plans to implement blockchains throughout the government sector.
Andhra Pradesh also cooperates with private companies to test use cases. For example, the state has now obtained more than 100,000 land records through Zebi Data, a blockchain startup in India. Zebi Data also includes Maharashtra and Telangana. Other state cooperation. Swedish blockchain startup ChromaWay also partnered with Andhra Pradesh to provide land registration solutions. The company has used lessons learned from overseas projects, including the Swedish land registry LantmÃ¤teriet and consulting firm Kairos Future. (Sharanya)
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