After the Reserve Bank of India reversed the crypto ban in India, India has taken another step to explore other uses of the blockchain.
The most common use of blockchain technology is cryptocurrency which is just a part.
Other uses of blockchain range from medical, finance, agriculture.
To cut it short, blockchain technology can be applied to any area of life.
What is blockchain?
Blockchain is an open source ledger where transactions can be stored.
Ledger in accounting is referred to as a permanent record of transactions and a prime book.
Regardless of ledger being a permanent record of transaction, it can still be altered.
In fact, anything done the traditional way can be altered.
On the blockchain, after a successful record of a transaction it becomes almost impossible to alter it.
Another specific feature of the blockchain is decentralization which is the order of the day in cryptocurrency.
Other uses of blockchain
The government of Maharashtra announced a partnership with India blockchain startup, LegitDoc.
The aim of the partnership is to implement a credentialing system powered by ethereum blockchain to provide tamper proof diploma certificates.
Can certificates be issued on the blockchain?
Yes. Like I said, the blockchain can be used for any area of life without restriction.
The initiative, according to Maharashtra State Board of Skill Development (MSBSD), is to counter the rise in document forgery.
According to Neil Martis, CEO, LegitDoc, while the certificates are verified using traditional manual methods, MSBSD will start advocating for only the digital verification method for all the manual verification requests starting next year.
The other local authorities are also showing interest, Martis added.
“We have active work orders from the government of Karnataka (Department of Information Technology and Biotechnology).
We are in talks with the Government of Telangana (School Education Department) and the Higher and Technical Education Department of Maharashtra to implement LegitDoc for their student community. “
Other institutions include National Institute of Technology (Surathkal), Ashoka University among others.
The partnership places India among early adopters to implement an e-governance system for education.
On the list before is Massachusetts, Institute of Technology, Malta and Singapore.
“In the last 10years, there has been a rampant increase in forgery of government issued documents which has caused huge financial and reputational losses to stakeholders involved.”Anil Jadhao, chairman of MSBSD
The blockchain technology is gradually achieving its aim and sooner than later, it might become the new technology for all.