State reserves Rs 4.8 cr for blockchain technology

PUNE: After taking the lead in implementing cloud technologies in its day-to-day services, the State government has taken another leap in bringing ‘Blockchain Technologies’ to use and has reserved funds of Rs 4.8 crore for use of such technologies.

As per a government notification, a budget of Rs 10 crore has been marked for this year, which will be invested in the implementation of projects related to ‘Blockchain Technologies.’

The notification stated that the State government is positive in using the technology in the fields of supply chain, agriculture marketing, vehicle registration and document management system.

The State government notification also stated that the detailed report of such projects should contain details of the blockchain architecture, planning and execution details of the project, blockchain nodes, sandbox and other details.

A blockchain is a distributed digital transaction ledger, which allows maintenance of identical copies of data or records on multiple computer systems. Anyone participating in a blockchain can review entries but needs consensus to update the blockchain.