India’s most influential state-run think tank will conduct a research project to explore how to use blockchain technology to distribute fertilizer subsidies to farmers.
The Indian National Institute of National Transformation (NITI), the main decision-making body of the Indian government, signed a letter of intent (SOI) with the fertilizer giant Gujarat Narmada Valley Fertilizer Chemical Co., Ltd. (GNFC) to provide subsidies for the fertilizer industry. Develop a blockchain solution. As reported by the Indian Press Trust, the think tank also intends to outline policy recommendations to make the current subsidy mechanism more immune to data breaches and to increase transparency based on research findings.
The allocation of subsidies to farmers will be more streamlined without the need for documents authorization points.
The blockchain concept validation in the agricultural sector incorporates dispersive testing conducted by NITI in a variety of areas including education, healthcare and pharmaceuticals. For example, the government think tank is already working on another blockchain solution to combat India's counterfeit drug supply chain.
According to reports, the think tank is still developing a nationwide blockchain infrastructure platform called IndiaChain. The project's white paper is expected to be released in July, an interoperable deblocking platform that allows private companies and developers to build applications as an additional layer of the public domain.