Home Bitcoin News Bitcoin Scam Karnataka plans to leverage blockchain to handle govt procurements

Karnataka plans to leverage blockchain to handle govt procurements

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The Karnataka authorities is growing a permission-based blockchain community that’s meant to work as a decentralised belief and effectivity layer for all e-Authorities Procurement (e-GP) methods throughout the nation, in keeping with a press launch.

On this regard, an IIT-Kanpur-backed startup CRUBN has partnered with the Karnataka authorities’s Centre for Sensible Governance. In short, in keeping with the discharge, the proposed blockchain community will —

  • Be used for validating claims of suppliers together with their identities.
  • Join all e-GP methods by means of a community, which is able to assist retrieve and validate related provider knowledge between varied e-GP methods which might be in use inside India.
  • Digitise financial institution ensures by powering them utilizing blockchain. “Tokenisation of financial institution ensures would imply that they’ll change into a extra acceptable instrument of transaction than they’re now,” the discharge learn.

MediaNama has reached out to Abhay Karandikar, Director of IIT Kanpur, for extra clarifications about this blockchain proposal. The report can be up to date after we obtain a response.

The poor safety of present e-procurement portals has more and more come underneath the scanner. In 2019, a hacker allegedly tried to steal Rs 46 crore from the Karnataka government’s e-procurement cell and succeeded in stealing Rs 11.5 crore, in keeping with an Financial Instances report.

Blockchain phrases and circumstances to be determined by consortium

In response to the discharge —

  • The blockchain community can be ruled by the phrases and circumstances determined by the consortium of e-GP methods throughout the nation.
  • The blockchain system can be utilized because the nationwide de-duplicated provider knowledge retailer.

How will blockchain assist in e-procurement? “Any e-GP system can rely on the belief that Blockchain ensures to authenticate provider particulars. It will doubtlessly save monumental prices related to tender processing and make the method less complicated and environment friendly,” the discharge stated.

The World Economic Forum, in a paper titled “How governments can leverage coverage and blockchain know-how to stunt public corruption”, stated that blockchain allows —

Commercial. Scroll to proceed studying.

  • Everlasting and tamper-evident report protecting
  • Actual-time transparency and auditability
  • Automated sensible contracts

Blockchain makes it tougher to take away data of bids and public feedback, or to change bid or tender gives as soon as submitted. This decentralizes decision-making, oversight and record-keeping, enhances transparency and devolves energy away from authorities who is likely to be liable to corruption — World Financial Discussion board

Karnataka’s bitcoin rip-off bites again

A 26-year-old hacker, Srikrishna Ramesh, who allegedly infiltrated Karnataka’s e-procurement portal can also be the prime accused in a bitcoin rip-off that the Bengaluru Cyber Crime Police found throughout investigations in a medicine case in 2020, in keeping with a report by The Print.

The rip-off has doable political ramifications and has put the state’s Basavaraj Bommai-led BJP authorities within the highlight. “There may be details about the involvement of influential politicians of Karnataka in Medication & Bitcoin rip-off. It’s regarding that the investigating officers try to shut the case to assist these politicians. @BJP4India govt mustn’t use their energy to divert the investigation. They need to be sure that the responsible is punished,” Congress social gathering chief Siddaramaiah tweeted.

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