Updated By: LatestGKGS Desk
Niti Aayog & GNFC Signed SOI To Use Blockchain Technology for Subsidy Payments
Niti Aayog & GNFC Signed SOI To Use Blockchain Technology for Subsidy Payments- Details, Aim, Purpose, Benefits
NITI Aayog and Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) have signed a Statement of Intent (SOI) to work together towards implementing a Proof-of-Concept (PoC) application using Blockchain Technology for fertilizer subsidy management.
NITI Aayog & GNFC will jointly develop the use case, undertake research, interact with multiple stakeholders, develop Blockchain solutions, exchange learnings, organize forums, and disseminate learnings across their networks.
The distribution of subsidy takes around two to three months across India. By implementing Blockchain Technology the distribution will become effective and efficient, and subsidy transfer could be automated and made real time.
The blockchain platform has inherent characteristics of distributed computing and ledger keeping of transactions i.e. confidentiality, authenticity, non-repudiation, data integrity, and data availability.
The blockchain is a based process, the statement stated it will also use smart contracts which will enable quick and accurate reconciliation of transactions between multiple parties with minimal human intervention.
