BusinessIndia

Telangana’s block chain project T-Chits to be presented Gold at 23rd National Conference

Hyderabad, Jan 25 (GCBusiness) Under the Blockchain District initiative, Telangana’s Block chain project for administering Chit Funds in the state, T-Chits, will be presented Gold in “Excellence in Adopting Emerging Technologies” at the 23rd National Conference on E-Governance 2019-20.
The two-day Conference will be held at Mumbai from February 7.
To realise the government’s vision to become a leader in Emerging Technologies, the IT, Electronics and Communications department has an Emerging Technologies wing enabling an ecosystem for emerging technologies in order to develop innovative solutions for government departments.
Chit funds are key instruments of financial inclusion in India. While Chit funds help people save money for their future needs, regulatory failures may cause millions of people to lose their life-time savings.
“The Blockchain-based platform will capture transactions, verify the data, enable smart and secure transactions to allow automated and trusted financial transactions between all parties” Ms. Rama Devi Lanka, Director Emerging Technologies & OSD, ITE&C Department, Government of Telangana, said in a statement here on Saturday.
“T-Chits is the perfect example of using cutting edge emerging technologies for social good. Kudos to Chitmonks, a Blockchain-startup incubated in T-Hub, for developing a scalable Blockchain solution, tailor-made to solve a major Indian problem.” Mr. Jayesh Ranjan, Principal Secretary, ITE&C Department, Government of Telangana said.
T-Chits transformed the cumbersome process of monitoring Chit Fund transactions.
Since its roll out, the Hyderabad-based startup has had a massive impact and it has savings of over Rs 18,000 crore and more than 10 lakh subscribers (mostly from lower income groups) per annum in the State alone.

Source
Via UNI-India

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