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1-min read

Niti Aayog, GNFC to Use Blockchain Technology for Subsidy Payments

According to an official statement, the GNFC and the Aayog will work on implementing a proof-of-concept (PoC) application for using the technology in subsidy disbursements.

PTI

Updated:June 29, 2018, 10:27 PM IST
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Niti Aayog, GNFC to Use Blockchain Technology for Subsidy Payments
Dr. Arvind Panagariya, Vice Chairman of NITI Aayog. (Getty Images)
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New Delhi: NITI Aayog and Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) signed a statement of intent (SOI) on Friday to work together towards using the blockchain technology for fertilizer subsidy management.

According to an official statement, the GNFC and the Aayog will work on implementing a proof-of-concept (PoC) application for using the technology in subsidy disbursements.

They will jointly develop the use case, under take research, interact with multiple stakeholders, develop blockchain solutions, exchange learnings, organise forums, and disseminate learnings across their networks, the statement said.

Learnings, insights and outcomes of the PoC will enable NITI Aayog to suggest policy recommendations and actions in strengthening the subsidy mechanism, making it more transparent and immune to leakages, it added.

Approximately Rs 70,000 crore of subsidy is disbursed to manufacturing units every year for selling around 31 million MT of fertilisers below cost.

Noting that subsidy disbursal takes two to three months' time, the statement said, "With the implementation of Blockchain Technology, it is expected that the distribution will become effective and efficient, and subsidy transfer could be automated and made real time."

Blockchain platform have inherent characteristics of distributed computing and ledger keeping of transactions i.e. confidentiality, authenticity, non-repudiation, data integrity, and data availability.

The blockchain based process, the statement said will also use smart contracts which will enable quick and accurate reconciliation of transactions between multiple parties with minimal human intervention.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Parth Sharma
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