Indian Railways will be rolling out non-fungible tokens (NFT)-based train ticked for passengers that are attending the Mahakumbh Mela festival held at Prayagraj, India as per BSCN. This festival is special because it takes place every 144 years in India, and is considered to be one of the most sacred gatherings in the world.
The Indian Railway Catering and Tourism Corporation (IRCTC) carried out approximately 1.2 million train bookings daily and with this rare festival being celebrated after 144 years, people from around the globe are expected to attend this rare festival. This will in turn lead to increased number of tickets being issued during the festival which will span from January 13, 2025 to February 26, 2025.
Polygon to be Used for Minting NFT Tickets
As per the reports, Polygon blockchain will be used for minting of the NFT tickets. The main reason for choosing Polygon was its scalability, fast transaction output, low gas fees and an efficient sustainable solution.
The tickets are to be managed by NFTtrace platform which will provide a effortless, easy and a secure booking experience for the travelers.
Benefits and Significance
With this move, the Indian Government is integrating blockchain technology into public services in India. By embracing the NFT-based ticketing, Indian Railways aims to enhance transparency, security and efficiency in the ticketing process. This step will potentially act as an example for future applications of the decentralized finance in public sector operations.
Alok Gupta, CEO of Chaincode Consulting, considers this integration of blockchain and public sector as an amalgamation of technology and culture in one place.
Previous Initiatives
This is not the first time that Indian Railways has used NFTs for issuing tickets. In the month of March 2024, Indian Railways was issuing NFT tickets for Tejas Express that operated from Delhi and Lucknow. This initiative was to celebrate Holi, the festival of colors in India.
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