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Prime Minister Narendra Modi Emphasizes on Importance of Blockchain In Every Indian’s Life

October 12, 2018 12:10
Source: YouTube
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On Thursday, Prime Minister Narendra Modi said new emerging technologies such as artificial intelligence, machine learning, Internet of Things, blockchain, big data will help India move forward, provide employment to people and improve every Indian’s life.

He said that India is not only looking at this as an industrial change but also as a form of social change. He said, “Industry is a process and technology is a tool. However, the ultimate goal is to change the life of the last person waiting in the queue.”

Talking about other achievements he said that before 2014, only 59 panchayats in the country had access to optical fibres. But in the past 4 years, more than 1 lakh panchayats have been connected to optical fibres. He added, the government is working at bringing more than 32,000 Wi-Fi Hot spots in village areas.

Not for the first time, has the Prime Minister talked about blockchain and the various ways it can improve the lives of people in the country. In the past, he had talked about how blockchain can be used to streamline the agricultural industry.

While he was a speaker at the convocation ceremony of Sher-e-Kashmir University of Agricultural Sciences and Technology of Jammu he had said, “The responsibility of helping our farmers rests on the shoulders of the new generation. Agricultural students will add value addition to the farmers in our country. There is one important technology in agriculture-artificial intelligence. In the coming days, blockchain technology will also play a huge role.”

He added, with the help of this technology, there will be a real-time monitoring of the supply chain. Blockchain will help bring about transparency in the buying and selling of produce and it would also catch bad actors in the system.

He had said, “With the help of this technique, from the production stage to produce reaching farmers, every part of the progress will be visible. There will be an entire network of people including, farmers, regulatory bodies, processing units, etc. in the blockchain. All this will be possible with the help of regulation and consensus system known as smart contracts. There will be less scope for corruption.”

In February this year, he had stated that he was in favour of blockchain and that the technology would have a profound impact in the way we live and work and would require rapid adaptation in our workplaces.

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