Indian Minister of Finance Arun Jaitley in his 2018-19 budget address announced government’s plan to clamp down on crypto trading.  The government is going to support blockchain in order to solve some problems in the world’s second most populous country. According to him, the government will examine the use of this technology.

Since the educational sphere faces a major problem with fake degrees and certificates, the first implementation of the blockchain will be in education. Companies often spend lots of money and time to certify the degree of potential candidates. The problem is that a fake degree costs about $30 and now it can pass even vigorous inspection because it can take weeks or months to certify a degree with its issuing institution. The certification of a degree costs around $15 per applicant. It may not sound like much but large Indian companies are hiring up to 10,000 employees at a time which makes the cost irrelevant.

The blockchain verification of a degree can be accomplished instantaneously using an app. Degrees and certificates registered on blockchain will save companies money and guarantee the authenticity due to this advantage.

The blockchain verification should also help candidates looking for employment in other countries since their degrees will no longer be inspected.

The Indian government is planning to use blockchain in healthcare, benefit distribution and digital identity management.