The government has leveraged blockchain technology (used by cryptocurrencies) to digitally certify startups and help them receive a range of incentives, such as financing assistance, tax exemptions and relaxations in public procurement norms without much hassle. Blockchain is a decentralised , distributed and immutable public ledger.
The blockchain-enabled certificate verification platform, which has been developed by the department for promotion of industry and internal trade (DPIIT), will also facilitate aspiring entrepreneurs to access the ₹10,000 crore Fund of Funds for Startups (FFS), a ministry of commerce and industry official, requesting anonymity, said.
FFS, which provides risk capital to innovation-driven enterprises, is managed by Small Industries Development Bank of India (SIDBI). FFS was launched by Prime Minister Narendra Modi in January 2016.
The technology to verify startups will come handy for various government departments, public sector firms, banks and…