Telangana government's blockchain plan for monitoring chit funds receives national recognition
HYDERABAD: State government’s Blockchain project for administering Chit Funds, T-Chits, won gold in “Excellence in Adopting Emerging Technologies” at the 23rd National Conference on e-Governance 2019-2020. Through blockchain, T-Chits has resolved the cumbersome process of monitoring chit funds and has brought in trust and transparency into the process.
“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 Rama Devi Lanka, Director of Emerging Technologies in the ITEC Department.
Since its roll out, the Hyderabad-based startup has had a massive impact: It has savings of over Rs 18,000 crore and more than 10 lakh subscribers per annum in the State alone. As Express had reported earlier, such is T-Chit’s success that it is finding takers of its technology in neighbouring states like Tamil Nadu, Karnataka and Andhra Pradesh.