Information technology service provider Tech Mahindra is putting the use of blockchain technology for a completely different purpose — vehicle registration.
Using the technology, the dealer can issue registration certificate and number for a vehicle, which will save the effort of buyers to take the vehicle to RTA for registration.
The IT firm has also been able to attract the interest of two Southern states which want to put the use of technology.
“RTA is coming to the dealer because of the blockchain technology we are using. Vehicle dealer, RTA, buyer and the financier are getting connected by the technology,” Tech Mahindra official said.
Originally devised for the digital currency, Bitcoin is now being used for various kinds of other solutions. By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet.
Besides, in order to boost ease of doing business and agriculture economy of the country, NITI Aayog is building IndiaChain, a blockchain network. IndiaChain will be linked to IndiaStack, a set of code developed around India’s unique identity project Aadhar.
Once implemented, the project will be a huge boost in bringing transparency in governance and reducing frauds, according to a FactorDaily report. NITI Aayog officials said that the government is in the process of firming up regulations for the use of blockchain technology in the country.
This will make India the largest scale of blockchain implementation in governance anywhere in the world. At present, Estonia is considered the leader in blockchain adoption. The country’s eHealth Foundation is using a blockchain-based system to process and store patient health records.