Former Chinese president Hu Jintao had famously confided to his US counterpart

George W. Bush that the one issue that kept him awake at night was creating enough
new jobs to maintain social stability. It is a concern that hasor at least should
haveresonated with Indian leaders as well.

Blockchain, the underlying technology behind Bitcoin and other cryptocurrencies, has
the potential to optimize the delivery of public services, further Indias fight against
corruption, and create considerable value for its citizens. By maintaining an immutable
and chronologically ordered record of all actions and files (blocks) linked together
(chain) in a distributed and decentralized database, Blockchain creates an efficient and
cost-effective database that is virtually tamper-proof. By doing so, blockchain promises
to create more transparent, accountable, and efficient governments.
the Reserve Bank of Indias Institute for Development and Research in Banking
Technology published a white paper on the applications of blockchain to the banking and
financial sector in India and concluded, the time is ripe for its adoption.
For India, a country ranked 130th on the World Banks Ease of Doing Business Index
(the United Arab Emirates ranks 26th), the benefits of blockchain are obvious and
endless.
In addition to creating a more efficient government, blockchain can also help create a
more honest government.By allowing governments to track the movement of
government funds, blockchain can hold state and local actors accountable for any
misappropriations.
Blockchain not only deters corruption through accountability, but it can also do so by
bypassing the middleman entirely.
With Aadhaar cards becoming nearly ubiquitous in India, adopting blockchain could be
the next logical step in Indias pursuit of becoming a digital economy. Blockchain can
play an important role in storing individuals data, helping conduct secure transactions,
maintaining a permanent and private identity record, and turning India into a digital
society.

Blockchain, however, is not a panacea. While it can help enhance the delivery of
government services, it cannot replace an inefficient system. Although it can deter
corruption by making governments more accountable and transparent, it cannot prevent
the entering of false information into the network. Yet, it presents the government with a
powerful opportunity.
By embracing blockchain, India can embrace its digital future.