Telangana wins Gold in Emerging Technologies for a Blockchain Project

block-chain project

Government of Telangana’s vision is to become a leader in Emerging Technologies. To realize this vision, ITE&C Department of Government of Telangana has an Emerging Technologies Wing which enables an ecosystem for emerging technologies, and most importantly, leverages these technologies to develop innovative solutions for government departments.

Under the Blockchain District initiative, Telangana’s Blockchain project for administering Chit Funds in the state, T-Chits, has been awarded Gold in “Excellence in Adopting Emerging Technologies” for the 23rd National Conference on E-Governance 2019-20.

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,” said Ms. Rama Devi Lanka, Director Emerging Technologies & OSD, ITE&C Department, Government of Telangana.

T-Chits transformed the cumbersome process of monitoring Chit Fund transactions. The Administration issues with multiple unknown parties (Organizers, Subscribers, Regulators, Banks, Auditors and Third-Party Systems) are solved by bringing in Trust and Transparency through blockchain. The project has a massive impact. INR 18549.12 Cr+ of savings of 10,08,300+ subscribers(mostly from lower-income groups) are rotated per annum in Telangana alone.

“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,” said Mr. Jayesh Ranjan, IAS, Principal Secretary, ITE&C Department, Govt of Telangana.

T-Chits wins Gold in e-Governance

T-Chits-wins-Gold-in-e-Governance-08-02-2020-2

T-Chits, Telangana’s blockchain project for administering chit funds in the States, has received the gold award in ‘Excellence in Adopting Emerging Technologies’ during the 23rd national conference on e-Governance 2019-20 held at Mumbai on Saturday. Union Minister of State for Prime Minister’s Office Jitendra Singh presented the award to Rama Devi Lanka, director of Emerging Technologies and officer on special duty for the ITE&C department.

Telangana has been focusing on developing a vibrant ecosystem for key emerging technologies. We have leveraged these technologies to improve citizen service delivery and to solve pain points within government departments. T-Chits is one such achievement of the state, wherein a blockchain-based platform will capture transactions, verify the data, enable smart and secure transactions to allow automated and trusted financial transactions between all parties involved in Chit Fund businesses across Telangana, said Ms. Rama Devi Lanka, Director Emerging Technologies & OSD, ITE&C Department, Government of Telangana.

A project of the Blockchain District state initiative, T-Chits has transformed the cumbersome process of monitoring Chit Fund transactions by bringing in Trust and Transparency through Blockchain. The project has a massive impact. INR 18549.12 Cr+ of savings of 10,08,300+ subscribers (mostly from lower-income groups) are rotated per annum in Telangana alone.

“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,” said Mr. Jayesh Ranjan, IAS, Principal Secretary, ITE&C Department, Govt. of Telangana.