The Karnataka government has announced the names of 10 startups that won the state’s blockchain hackathon for ideas on protecting the privacy of Aadhaar cardholders, tracking organic agricultural products, and even using a government platform for buying and selling land. The theme of the hackathon was to use blockchain to assist governance and service delivery.
At the event, fintech startup Bitgram Technologies Pvt. Ltd came first and RxChain came second for ideas on data ownership. The system proposed works for both the governmental entities Aadhaar and DigiLocker, but decentralises data from the centralised platforms back to the users. As part of the system, all documents get validated in real time.
Another idea that emerged at the conclave proposed identifying fake medicines through barcode and blockchain technologies. This could also be implemented in logistics and supply chains, suggested News Corp VCCircle chief executive Jaideep Mehta. "Innovations will come fast in all directions. Blockchain is set to grow by four times in the next three years and will be worth $9.2 billion (Rs 58,797 crore)," he said, quoting technology research firm IDC's data.
Prakash Jayaram, partner at EY India, said, "The aim is to get 30 use cases within a year, and subsequently some use cases may be taken as fully-fledged e-governance projects.”
Blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
“Blockchain is a highly disruptive emerging technology and it can solve real-life problems. The idea is to see if blockchain technology can be used to help the government and its functions,” said Priyank Kharge, minister of information technology, biotechnology and tourism for the government of Karnataka. Blockchain is expected to play a big role in fintech by enhancing the security of digital transactions, say experts.