Quick Intake
Hello All, In this post, Let’s see how Chit funds are using blockchain to make it more trustable and transparent.
A blockchain-based startup from Telangana – Chit Monks has developed a project where Chit fund companies can register and provide the services to subscribers with clear transparency of the chit activities.
Many of us have heard or had a bad experience with the chit fund companies and will not usually trust unless we know them personally.
Through this distributed ledger concept and Transparency the blockchain provides, it has now built trust from the public to make use of this mode of finance.
A team of 4, Having worked in the financial services sector for around 12 years when Pavan Adipuram, Malla Reddy Chitti, Sandeep Siddamshetty, and Sridhar Reddy wanted to start something new, doing something in the fintech space was an obvious choice for them.
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
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T-Chits, Telangana’s blockchain project for administering chit funds in the States, has received a gold award in ‘Excellence in Adopting Emerging Technologies’ during the 23rd national conference on e-Governance 1919-20 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 IT and Communications department.
This conference also provides a platform to senior government officers to discuss, exchange views and experiences relating to various e-Governance initiatives.
Telangana has been focusing on developing a vibrant ecosystem for key emerging technologies like blockchain management.
“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 the State,” Rama Devi Lanka said.
T-Chits transformed the cumbersome process of monitoring chit fund transactions.
T-Chits is carrying out transactions amounting to Rs 18,549 crore per annum with over 10.08 lakh subscribers. “T-Chits is a 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 which was tailor-made to solve a major Indian problem,” said Jayesh Ranjan, Principal Secretary for IT and Industries.
