NITI Aayog has partnered with Apollo Hospital along with Oracle to help integrate blockchain technology to curtail the spread of spurious drugs effectively.
Emphasizing the need for more projects involving blockchain, CEO Amitabh Kant said, the technology could support tracking and tracing medicines and spurious drugs. The project will track the cycle from manufacturer to consumer. NITI Aayog had used the technology as a proof of concept project, in health records, land records, and fertilizer subsidy disbursement. Mr. Kant who addressed the International Blockchain Congress said there is a massive potential for blockchain in various areas.
“To my mind, blockchain can be a key driver for ease of doing business,” Mr. Kant said, emphasizing that enforcement of contracts and the time taken to register property could be addressed using the technology. Blockchain technology can help find solutions to address the stress on courts, he said, pointing out that about three crore cases are pending in various courts of the country.
Blockchain and other distributed technologies are powerful because they allow multiple parties to collaborate and come to a consensus without any need for a third party, Mr. Kant said.
“Niti Aayog has made considerable in-roads on applying the Blockchain Technology in solving India’s pressing problems,” said its CEO, Amitabh Kant. India’s potential to propel Blockchain technology is immeasurable, particularly to prevent data fraud and digital theft, he added.
Stating that blockchain is a fundamental technology like the Internet, Kant said:
“This technology will work in the background making transactions more secure, immutable and more transparent. If used correctly, the technology can lead us to the right use cases in the public sector, healthcare, retail, real estate, insurance and other related areas.”
When applied to government processes, blockchain augments the credibility, accuracy, and efficiency of the practices while reducing the risk of frauds.