Block Intelligence · Merklebits Group22 April 2026
Official Briefing · Government of Maharashtra
Three Pillars,
One Playbook.
Blockchain & AI for Maharashtra - closing the ₹3,000 crore Shalarth ghost-teacher loophole, issuing tamper-proof credentials for 2.13 crore learners, and turning a ₹500 crore Maharashtra infrastructure asset into a listed, liquid Green Infra Bond similar to GIFT-IFSCA in Maharashtra.
Prepared for
Government of Maharashtra
Prepared by
Block Intelligence (Merklebits Group), Mumbai
Three Pillars · One PlaybookOne-page pitch
If you read one slide, read this one.
Three verifiable, near-budget-neutral wins - every claim sourced, every pilot grounded in live Indian precedent.
Pillar 1 · Payroll integrity
Close the Shalarth ghost-teacher loophole
- SIT confirms 540+ fraudulent teachers (May 2025); 893 named in Nashik (₹150 cr); 398 in Nagpur ZP - state estimate ₹3,000 cr.6171620
- 5.78 lakh student records with invalid Aadhaar; 4.98 lakh without Aadhaar; 10 lakh+ at risk per UDISE+ 2025 audit.222324
- 5% recovery on the ₹60,000 cr salary base ≈ ₹3,000 cr/yr.
Pillar 2 · Verifiable credentials
One QR for 2.13 crore Maharashtra learners
- Maharashtra State Board already issued 1 lakh+ blockchain diploma certificates (Aug 2022) and pioneered caste certificates on chain.3940
- NIC Vishvasya-Blockchain BaaS (Sept 2024) provides the rails - We will build on top of this.36
- W3C VC 2.0 (May 2025) + EU eIDAS 2.0 wallets - interoperable from day one.5960
Pillar 3 · Tokenised infra
₹500 cr tokenised Green Infra Bond
- IFSCA RWA Consultation Paper (Feb 2025) + Listing & Fund Management Regs - India’s first tokenised securities sandbox.747576
- PropShare Titania SM-REIT ₹473 cr; PCMC green bond 5.13×; PMC 6× - domestic demand is real.789293
- $7.5 B tokenised US Treasuries (Jun 2025); BlackRock BUIDL $1.7 B+ - global pull confirmed.818489
The ask
A 90-day joint task force across School Education, Finance, DIT and similar to GIFT-IFSCA in Maharashtra - one pilot per pillar, with measurable savings reported in the FY27 budget speech.
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Three Pillars · One PlaybookExecutive summary
Why blockchain, why AI, why now.
The same digital plumbing behind UPI, DBT, DigiLocker and CBDC is now mature enough to solve three distinct GoM problems.
The opportunity
- India has saved ₹3.48 lakh crore via Aadhaar-linked DBT - 176 cr beneficiaries across 315+ schemes in 54 ministries.33
- DigiLocker now exceeds 40 crore users with 770+ crore issued documents - the natural home for verifiable credentials.6162
- NIC Vishvasya-Blockchain Stack (BaaS, launched 4 Sept 2024) runs on Meghraj 2.0 - we build on similar infrastructure.36
- IFSCA’s 2025 RWA framework + RBI’s e₹-Wholesale pilot legalise tokenised securities and atomic INR settlement.7479
Why Maharashtra leads
- India’s largest state-education outlay (₹1.05 lakh crore) - biggest fiscal gain from plugging payroll leakage.13
- First Indian state to issue blockchain caste certificates and 1 lakh+ diploma certificate via blockchain.3940
- ₹7 lakh cr+ infra pipeline (Samruddhi ₹55k cr, Virar-Alibaug ₹55k cr, Mumbai Metro lines, Macrotech data-centre MoU).9798109110
- PCMC just raised a ₹200 cr green bond - oversubscribed 5.13×. Demand for Maharashtra paper is verified.92
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Three Pillars · One PlaybookFraming
Our job today: translate code into a cabinet-note.
Maharashtra already runs digital-first programmes. This briefing is about three decisive next moves.
What we will not do
- No vague talk about “Web3”, NFTs or cryptocurrency speculation.
- No “blockchain for everything” framing - most government use-cases don’t need a chain.
- No vendor lock-in - every pillar uses open standards (W3C VC, ERC-3643) on NIC BaaS 36.
North star
Every claim should be checkable in two clicks. Footnote ranges in this deck point to the master list of 110 sources on Slides 32–33.
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Three Pillars · One PlaybookContext · India Stack
Maharashtra stands on proven national rails.
The digital plumbing already exists - we only need to choose the right pipe for each pillar.
1.4 B
Aadhaar holders
World’s largest biometric ID system - basis for DBT, UIDAI-authenticated services and e-KYC.
40 cr+
770+ crore documents issued - the natural home for verifiable credentials so parents and employers never need paper again.
₹3.48 L cr
Cumulative DBT savings 33
176 crore beneficiaries · 315+ schemes · 54 ministries - financial plumbing with low leakage.
The three pipes we will use
NIC Vishvasya BaaS 36
Permissioned blockchain on Meghraj 2.0 - the State doesn’t buy infrastructure, only consumes APIs.
Talent pipeline is also ready
Domestic blockchain engineering capacity is no longer a constraint. Block Intelligence (Merklebits Group) has 20+ blockchain engineers and can deliver this stack end-to-end (W3C VC 2.0, permissioned ledgers, token standards) with Gov-grade security and auditability.
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Three Pillars · One PlaybookContext · Global precedent
We are late adopters, not pioneers - which is good.
Every pattern we propose has been stress-tested by another jurisdiction.
| Country | Programme | Outcome |
|---|---|---|
| Estonia | X-Road interoperability platform 69 | 99% of govt services online; inspired India Stack |
| EU | eIDAS 2.0 / EUDI Wallet 6067 | Every citizen to hold verifiable credentials by 2026 |
| Singapore | MAS Project Guardian 83; OpenCerts 68 | Tokenised bonds + FX with 15+ banks; national diploma trust |
| Hong Kong | HKMA tokenised green bonds 82 | Three issuances since Feb 2023 - single, multi-currency, third tranche Nov 2025 |
| Dubai | VARA + UAE KYC blockchain 8871 | Dedicated virtual-asset regulator; HSBC + norbloc bank KYC chain |
| UK | FCA Digital Securities Sandbox 87 | End-to-end tokenised securities lifecycle under joint policy statement |
| USA | BlackRock BUIDL · Franklin BENJI · JPM Kinexys 848586 | Institutional tokenisation crossing $1 B+ AUM and $3 T tx volume |
Takeaway
Each of our three pillars maps to a mature international pattern - we are choosing the safest, most documented path, not the most exotic.
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Pillar 1 · Ghost-teacher loopholePillar 1 · The prize
The single largest line item in the State budget.
Education is the dominant slice of Maharashtra’s expenditure - every 1% saved here dwarfs most other reforms.
Why this matters
60–70% of the school-education outlay is teacher salaries. Even a conservative 1–5% recovery from ghost records funds every AI & blockchain pilot in this deck many times over.
Same line, several pressures
- Shikshan Sevak honorarium doubled, Feb 2023 7; 20% grant extended to unaided schools 8 - fixed-cost inflation.
- ₹463 cr RTE reimbursement released, but MESTA still flags ₹2,400 cr in pending dues (Jan 2025) 910.
- Samagra Shiksha PAB 2024-25 11 and PM POSHAN Budget 2025-26 12 are central anchors for the State outlay.
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Pillar 1 · Ghost-teacher loopholePillar 1 · The problem
The State already publishes the ghosts.
These are not allegations - they are numbers from UDISE+, the SIT, and CAG sitting in plain sight.
5.78 lakh
student records with invalid Aadhaar
4.98 lakh
student records with no Aadhaar
10 lakh+
at risk per UDISE+ 2025 reconciliation 24
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Pillar 1 · Ghost-teacher loopholePillar 1 · The Shalarth scam
The SIT has already given us the leakage map.
Across Nashik, Nagpur and Jalgaon divisions, the State’s own SIT documents a multi-thousand crore payroll fraud.
What the SIT has confirmed
Knock-on damage
Salaries delayed for thousands of legitimate primary teachers while SIT untangles fraudulent IDs 21.
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Pillar 1 · Ghost-teacher loopholePillar 1 · Architecture
Shalarth-BC: 4 layers, all open-source, all already in India.
Nothing new is invented - only stitched from proven Indian components.
L1Edge (AI)
On-device face recognition with liveness detection - modelled on Andhra Pradesh’s government-school rollout 37.
AP 2022
L2Identity
Aadhaar face-auth optional; DIDs issued via MOSIP Inji 72 and stored in DigiLocker 61.
MOSIP · DigiLocker
L3Ledger
Permissioned Hyperledger Fabric channel on NIC Vishvasya-Blockchain BaaS (Meghraj 2.0, launched 4 Sept 2024) 36.
NIC BaaS
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Pillar 1 · Ghost-teacher loopholePillar 1 · Precedents
Indian states have already walked this road - just not at scale.
We borrow their lessons and bring it to the biggest education budget in India.
| Programme | Outcome & lesson |
|---|---|
| Maharashtra State Board (2022) | 1 lakh+ diploma certificate via blockchain - proves the issuer-side workflow at State scale 40. |
| Maharashtra (caste cert, 2022) | First Indian state to issue caste certificates on blockchain- pilot under the Department of Skills 39. |
| Andhra Pradesh (2022) | Face-recognition-based attendance rolled out across government schools - direct template for our Edge AI layer 37. |
| Karnataka (2017+) | Bhoomi-on-blockchain land-records pilot under MeitY success-stories programme 64. |
| Government of India (Jeevan Pramaan, 2014) | Aadhaar-based digital life certificate for pensioners - the original ‘proof of liveness pre-payment’ pattern 38. |
| EPFO (2024) | AI-driven auto-claim settlement - same pattern of digital attestation gating disbursement 66. |
Pattern
Every prior pilot stayed inside one department. Pillar 1 is designed so payroll cannot move without attestation from Education + Treasury + DIT + NIC - making rollback politically harder than continuing.
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Pillar 1 · Ghost-teacher loopholePillar 1 · Economics
₹55 crore to build, ₹3,000 crore/yr to save.
Even at a fraction of the SIT’s own ₹3,000 cr exposure number, the pilot pays for itself in weeks.
Upside
State-wide rollout in Year 2 plausibly recovers ₹4,000–6,000 cr - bigger than the entire outlay for the Tribal Development Department.
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Pillar 1 · Ghost-teacher loopholePillar 1 · Risks
We have already stress-tested the failure modes.
| Risk | Mitigation |
|---|---|
| Face-AI bias / failure | Manual override + ZP appeal flow; all attendance dual-source (AI + HM signature). AP precedent 37 shows tolerable error envelope. |
| Teacher-union pushback | Framed as anti-ghost, pro-teacher: cleans records, protects genuine staff. First rollout in districts with biggest SIT exposure 1720. |
| Data-privacy concerns | On-device embeddings; no raw biometric leaves tablet. DPDP Act 2023 compliant. Mirrors LibTech-style transparency on welfare records 35. |
| Vendor lock-in | NIC Vishvasya BaaS 36 + open-source MOSIP Inji 72 + W3C VC 59 - every layer swappable. |
| Political reversal | Two cabinet colleagues (Education + Finance) co-claim the savings. Once SIT outcomes 13–20 are tagged to recovery, rollback cost > sunk cost. |
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Pillar 02
Verifiable credentials
for 2.13 crore learners.
One QR on a diploma, verifiable in 3 seconds by any employer anywhere - issued by the State Board, stored in DigiLocker, revocable on chain.
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Pillar 2 · Verifiable credentials layerPillar 2 · Problem
Fake credentials are now a public-safety problem, not a paperwork one.
From bogus doctors to fake IAS officers - Maharashtra’s certification chain is the attack surface.
Today - a partial scoreboard
- 343 bogus-doctor offences registered (2023–24); MMC crackdowns on fake MD physicians.505152
- Pune: one MBA student issued 2,700 fake certificates - 4 arrests.47
- Two arrested for scamming MPSC aspirants with fake exam papers (Feb 2025).48
- IAS Pooja Khedkar case (July 2024) - fabricated certificates clearing the country’s most rigorous exam.49
- 3,595 fake birth certificates revoked (Mar 2025); ED raids 9 Malegaon locations; multi-state birth-cert racket under probe.535455
- Mumbai: marksheet scam for Class XI admissions; Mumbai University public warning on doorstep-delivery of fake degrees.565758
- RTE admissions: 24 parents booked in Navi Mumbai for fake address proofs; pan-state syndicate of officials, agents and politicians monetising fabricated documents.2728
- Caste-certificate fraud: ~50,000 govt jobs flagged after SC verdict; an earlier State report found every second tribal officer carried a fake certificate.2930
With verifiable credentials
- Each diploma = W3C VC 2.0 (now W3C Recommendation, 15 May 2025) signed by the Board’s DID; verify in 3 sec with any wallet app.59
- Revocation via Bitstring Status List v1.0 - board can revoke in minutes; no PII on chain.59
- Interoperable with EU eIDAS 2.0 / EBSI wallets - Maharashtra graduates cross borders without extra attestation.6067
- State Board + Blockchain: 1 lakh+ diploma certificatess already proven on Polygon; caste-cert pilot already live.4039
- National Academic Depository (via DigiLocker) provides the long-term home for Maharashtra higher-ed credentials.63
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Pillar 2 · Verifiable credentials layerPillar 2 · Architecture
Issue once, verify forever - across States, employers, embassies.
The issuer-holder-verifier triangle of W3C VC 2.0, adapted to Indian rails.
Issuer
State Board / University
Board runs a DID on NIC Vishvasya BaaS 36. Signs each credential as JWS / VC-JOSE-COSE (W3C VC 2.0) 59.
Revocation & status
Bitstring Status List v1.0 (W3C VC 2.0 family) 59: one public URL, 1 bit per credential, cryptographic proof of validity. Already used by UK NHS, EU DGC and SG HealthCerts. No PII on chain - DPDP-friendly.
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Pillar 2 · Verifiable credentials layerPillar 2 · Precedent
Maharashtra State Board already led India here in 2022.
There is a existing solution which has rolled out blockchain caste certificates and 1 lakh+ diploma certificates - a multi-year live track record.
1 lakh+
Diploma Certificates issued via Blockchain (Aug 2022) 40
₹0
Per-verification cost to citizen
Replaces ₹500–5,000 attestation
Where we are strong
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Pillar 2 · Verifiable credentials layerPillar 2 · Roadmap
From diploma certificates to every State-issued document in 24 months.
| Phase | Document class | Owner | Volume |
|---|---|---|---|
| Phase 1 (Q1–Q2) | SSC & HSC mark-sheets | Maharashtra State Board | ~30 lakh/year 40 |
| Phase 2 (Q3) | MSBTE diploma certificates, MSBVE certificates, NAD | Technical Education Board + DigiLocker 63 | ~5 lakh/year |
| Phase 3 (Q4) | Caste, domicile, income certificates | Revenue Dept · Aaple Sarkar 41 | ~1 cr/year |
| Phase 4 (Y2) | Driving licences, vehicle docs | Transport Dept (PCMC pattern) 73 | ~20 lakh/year |
| Phase 5 (Y2+) | Property cards, Jeevan Pramaan, pensions | All depts + DigiLocker NAD | tens of crore |
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Pillar 2 · Verifiable credentials layerPillar 2 · Why now
The CAG has already written the case for us.
Maharashtra’s own service-delivery audit shows where verifiable credentials are no longer optional.
Privacy
- No PII on chain - only hashes and status bits.
- BBS+ selective disclosure on the W3C VC 2.0 roadmap 59.
- Citizen is the holder; State is not the data custodian.
Audit
- CAG / Vidhan Sabha can run a read-only NIC node 36.
- Every issuance/revocation timestamped immutably.
- RTI officers get programmatic access - no physical files.
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Pillar 03
Tokenised
Green Infra Bond.
A ₹500 crore green bond on a Maharashtra metro, port or irrigation asset - issued under IFSCA, settled in e₹-Wholesale, listed on an IFSC exchange, fractionalisable down to ₹10,000 per citizen.
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Pillar 3 · Tokenised infra bondPillar 3 · Prize
Maharashtra has a ₹7 lakh crore infra pipeline and a financing gap.
Bank balance-sheet capacity is capped; domestic retail savings are stranded in fixed deposits.
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Pillar 3 · Tokenised infra bondPillar 3 · Law
IFSCA has built the regulatory runway in 2024–25.
India now has a dedicated sandbox, listing rules and fund-management regulations purpose-built for tokenised securities.
What IFSCA allows 74757677
- Tokenisation of bonds, equities, fund units, real-estate and commodities - IFSCA RWA Consultation Paper, 26 Feb 2025 74.
- IFSCA Listing Regulations 2024 75 codify primary & secondary listing of tokenised instruments at GIFT City.
- IFSCA Fund Management Regulations 2025 76 cover FMEs that can wrap Maharashtra infra assets into tokenised funds 77.
- Settlement: USD at IFSCA, INR via CCIL / RBI e₹-W 79; no ambiguity for treasurers.
Why Maharashtra fits first
- SEBI SM-REIT Titania (₹473 cr, Jul 2025) and Platina (₹353 cr, Dec 2024) prove fractional real-estate appetite in India.78
- RBI e₹-W pilot (since Nov 2022, scaled in 2024-25) settles tokenised securities atomically.79
- 30% VDA tax (Section 115BBH) is now well-understood - eliminates a major political ambiguity.80
- MIDC industrial estates, MahaRERA-registered projects, Mumbai Grade-A office stock and the Macrotech data-centre MoU give a deep menu of issuable assets.101102103110
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Pillar 3 · Tokenised infra bondPillar 3 · Market proof
The demand side is no longer hypothetical.
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Pillar 3 · Tokenised infra bondPillar 3 · Architecture
End-to-end lifecycle: from SPV to citizen wallet.
1. Asset
GoM parks an asset (metro line 109, port concession 107, MIDC estate 101) into an SPV / InvIT.
2. Issuer
IFSC-licensed FME (e.g., Maharashtra State Infra Fund) onboarded under IFSCA RWA + Listing Regs 7475.
3. Tokens
ERC-3643 permissioned tokens; investor KYC enforced at the token level - same pattern as UAE KYC chain 71.
4. Settlement
Primary & secondary trades settle atomically - RBI e₹-W 79 for INR leg, USD at IFSCA.
5. Wallet
Citizens hold tokens in DigiLocker-linked wallets 61 or broker apps; coupons pushed via UPI.
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Pillar 3 · Tokenised infra bondPillar 3 · Economics
A ₹500 cr pilot that proves the new GoM financing stack.
₹500 cr
Pilot issuance (green + infra)
₹25–40 cr
Potential annual interest saving
1st
State-origin tokenised infra bond in India
Why investors will take it
Why citizens will buy it
- Fractional unit as low as ₹10,000 via broker apps.
- Interest paid via UPI, no DEMAT friction.
- Clear, single-asset backing (e.g., a Mumbai Metro line 109).
- Cultural narrative: “own a piece of Maharashtra’s future”.
Note: Sovereign Gold Bond programme discontinued in Union Budget 2025 95; tokenised green/infra paper is the natural retail-facing successor instrument.
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Pillar 3 · Tokenised infra bondPillar 3 · Risks
Every risk has a known, boring mitigation.
| Category | Risk | Mitigation |
|---|---|---|
| Regulatory | IFSCA RWA regs still finalising | Engage via the IFSCA sandbox 74; phase 1 as an LP-only fund 76, phase 2 as a fully-tokenised security under 75. |
| Market / liquidity | Thin secondary market on day 1 | Appoint 2 market-makers; anchor pool from State infrastructure fund - same playbook as MAS Project Guardian 83. |
| Technology | Smart-contract bug / custody risk | Audited open-source contracts; regulated custodian under IFSCA; bug-bounty programme; mirrors FCA DSS guardrails 87. |
| Political | Opposition framing as ‘crypto’ | Brand as e-Bond / Green Infra Token; show CBDC settlement 79 and CAG audit hook 45; cite VDA tax clarity 80. |
| Macro | Interest-rate movement | Shorter-tenor tranches (3/5/7 yr); step-up coupon option; carbon-credit-linked tranche under CCTS 94. |
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Three Pillars · One PlaybookBringing it together · India proof
India has already saved ₹3.48 lakh crore the same way.
DBT is the existence proof - the question is whether Maharashtra captures the next leg of that curve via blockchain + AI.
DBT beneficiary scale, India - PIB / DD News / BlueKraft Foundation assessment, Apr 2025 33.
₹1,500–3,000 cr
Pillar 1 · payroll savings recovered
10 districts in Marathwada + Vidarbha on Shalarth-BC [20]; State-wide rollout authorised in FY27.
1–3 crore
Pillar 2 · credentials on VC 2.0
SSC + HSC + MSBTE migrated [40]; Revenue Dept certificates entering phase 3 [41][45].
₹500 cr
Pillar 3 · tokenised green bond listed
First State-origin IFSCA RWA issuance [74], settled in e₹-W [79]; target 3–5× book.
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Three Pillars · One PlaybookExecution
Day 1 to Day 90 - concrete, owned, measurable.
Days 1–30 · Convene
- GR constituting Digital Reform Task Force
- MoU: NIC Vishvasya BaaS [36] + DIT Maharashtra
- Nomination of 10 pilot districts (per SIT footprint [17][18])
- Engagement letter under IFSCA RWA sandbox [74]
Days 31–60 · Pilot build
- Shalarth-BC pilot: tablets, on-device AI, Fabric channel
- Our Blockchain Solution migration to W3C VC 2.0 [59]
- SPV / escrow for ₹500 cr green bond on identified asset
- Issuer + custodian RFP at GIFT under [75][76]
Days 61–90 · Go-live
- Shalarth-BC live in 3 districts with public dashboard
- New SSC/HSC & MSBTE diploma certificates issued as VC 2.0 + Bitstring revocation
- Tokenised bond priced, book built, settlement on e₹-W [79]
- First CAG-style audit report tabled (mirroring [45])
Single ask
Authorise a Chief-Secretary-led task force with a 90-day mandate and a line-item for each pillar in the supplementary budget.
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Three Pillars · One PlaybookAbout
Block Intelligence - the engineering arm of Merklebits Group.
India-based advisors and builders at the intersection of public finance, digital identity and blockchain.
10+
Years of delivery
Product + consulting delivery across Web3 and AI - from discovery to build, launch and handover.
Web3 + AI
Core build lanes
Tokenised fund administration, verifiable credentials for education, AI agents, computer vision and AI-based audit automation for state agencies. - built with security and reliability first.
Open
Standards & stack
modern web stacks, and auditable engineering practices, W3C VC [59], MOSIP Inji [72], Hyperledger Fabric, Polygon, ERC-3643 - no proprietary lock-in, every layer replaceable.
What we offer GoM
Advisory + implementation partner for the 90-day task force: solution design, secure build, integrations, testing, and an operations-ready handover (repo + documentation + runbooks).
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Three Pillars · One PlaybookThe ask
Three decisions, one meeting.
Each decision is narrow, reversible in year 2, and backed by live precedent.
Decision 1
Pilot Shalarth-BC in 10 districts
Capex ≤ ₹50 cr · expected Y1 recovery ≥ ₹1,500 cr against the ₹3,000 cr SIT exposure [20]. Ownership: School Ed + DIT + NIC [36].
Decision 2
State-wide VC 2.0 credentials
Migrate State Board [40] and key Revenue certificates to W3C VC 2.0 [59]. Budget ≤ ₹25 cr. Ownership: Higher Ed + Revenue + DIT.
Decision 3
₹500 cr tokenised green bond
Joint working group: GoM Finance + IFSCA [74] + RBI e₹-W liaison [79]. Listing target: 180 days from go-ahead.
Where we go from here
A 45-minute deep-dive with the Chief Secretary’s office.
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Three Pillars · One PlaybookReferences · Part 1 of 2
Every number in this deck has a source.
110 primary sources - Government of India, Government of Maharashtra, IFSCA, RBI, CAG, W3C, peer regulators and tier-1 media. Citations [1]–[55] below; [56]–[110] on slide 33.
1Free Press Journal, “Maharashtra Budget 2025: School Education Department Allocation Rises by 9.71% to ₹86,220 Cr,” 11 Mar 2025.2EducationWorld, “Maharashtra Budget: No new announcements for education,” Mar 2025.3Free Press Journal, “Maharashtra Budget 2025: ₹16,261 cr for Higher and Technical Education,” 10 Mar 2025.4Ministry of Education, UDISE+ 2024-25 Report.5GKToday on UDISE+ 2023-24; Mahadev Maitri Foundation, Maharashtra schools profile.6Business Standard, “Shalarth Scam: Over 500 teachers recruited fraudulently, says SIT,” 26 May 2025.7The Hitavada, “State Govt doubles honorarium of Shikshan Sevaks,” 8 Feb 2023.8Mumbai Live, “State cabinet approves 20% grant to unaided schools.”9Punekar News, “Maharashtra Govt Releases ₹463 Cr for RTE Fee Reimbursement.”10Free Press Journal, “MESTA threatens statewide protests over ₹2,400 cr pending RTE fee reimbursements,” 13 Jan 2025.11Ministry of Education, Samagra Shiksha Maharashtra PAB 2024-25.12Ministry of Education, Budget Estimates 2025-26 (PM POSHAN).13Deccan Herald, “Shalarth Scam: SIT says over 540 teachers recruited fraudulently; amount could cross ₹100 cr.”14The Hitavada, “Bogus Shalarth ID Scam: Dy Director Education, School Principal held,” 13 Apr 2025.15Nagpur Today, Shalarth investigation update, 12 July 2025.16The Week / PTI, 30 July 2025; The Print, “Two Nagpur ZP officers held; created fake IDs of 398 teachers.”17Free Press Journal, “Shalarth ID Scam: 893 teachers named in ₹150 cr fraud in Nashik division.”18UNI India, “48 education officials summoned by SIT in Jalgaon Shalarth probe.”19The Hitavada, “Education Officer Ravindra Katolkar arrested by SIT,” 24 Dec 2025.20BW Education, “Rs 3,000 Cr Ghost Teacher Scam Rocks Maharashtra’s Education System,” 23 July 2025.21Nagpur Trends, “Maharashtra education scam delays salaries of thousands of primary teachers.”22Lokmat Times, “Aadhaar of 19 lakh students found bogus; 29 lakh registered without it,” 2 Mar 2022.23EducationWorld, “Maharashtra: Bloated enrolments scandal,” Apr 2022.24Free Press Journal on UDISE+ 2025: “Aadhaar data mismatch may push 10 lakh Maharashtra students out of school records.”25SchoolMyKids, “The Ghost Schools of Maharashtra: unrecognised institutions still operating in plain sight.”26The Quint, “Aadhaar data shows 4.4 lakh kids under mid-day meal exist only on paper.”27Free Press Journal, “RTE admission fraud: 24 parents booked in Navi Mumbai for fake address proofs,” 5 July 2025.28The Bridge Chronicle, “RTE admission scam: officials, agents and politicians making crores from fake documents.”29DNA India / Outlook on fake caste certificates: 50K may lose govt jobs; 11,000+ SC/ST employees face sacking in Maharashtra.30DNA India, “Maharashtra report finds every 2nd tribal officer in state a fake.”31ETV Bharat, “Opposition claims 37,000 vacant teacher positions in Maharashtra,” 12 Dec 2025.32GovNokri.in, “ZP Shikshak Bharti 2025.”33PIB / DD News / BlueKraft Digital Foundation assessment on DBT savings, Apr 2025.34Union Department of Food & Public Distribution, PIB, Nov 2024.35LibTech India, MGNREGS deletions report, Oct 2024.36PIB on NIC Vishvasya BaaS launch, 4 Sept 2024; MeitY National Blockchain Portal.37The Hindu, “Face recognition attendance system rolled out in AP government schools.”38Jeevan Pramaan portal (launched 10 Nov 2014).39LegitDoc Blog, “E-Governance on Web 3”; Business Today on Maharashtra blockchain caste certificates, 13 Apr 2022.40Business Today, “Maharashtra issues 1 lakh diploma certificates on blockchain,” 5 Aug 2022.41Devgatha on Aaple Sarkar / Devendra Fadnavis; eGov Magazine, Feb 2025.42My Pune Pulse, 12 Sept 2025; Lokmat Times, 8 Aug 2025 - Aaple Sarkar centres face closure threat for substandard service.43Maharashtra Right to Service Act 2015 schedule via aaplesarkar.mahaonline.gov.in / RTS Commission.44News on Air, “Maharashtra students can submit caste validity certificates within 6 months”; GKToday brief.45CAG Report No. 1 of 2023, Performance Audit on Delivery of Public Services by Government of Maharashtra.46Business Standard, “Over 33,000 caste claims rejected since 1995, govt tells HC,” 28 July 2014.47Free Press Journal / Punekar News on Pune fake certificate scam (2,700 fake certificates, 4 arrested).48ANI News, “Maharashtra: two arrested for scamming MPSC aspirants with fake exam papers,” 2 Feb 2025.49The Print, “Controversial IAS officer allegedly submitted fake certificates,” 10 July 2024 (Pooja Khedkar case).50New Kerala, “Bogus doctor menace: 343 offences registered 2023-2024,” 7 July 2025.51PressReader / Free Press Journal, fake doctor coverage, 29 July 2018.52Tribune India, “Maharashtra Medical Council cracks down on fake MD physicians.”53Organiser, “Maharashtra govt cracks down on fake birth certificates: 3,595 illegal documents revoked,” 22 Mar 2025.54Free Press Journal, “ED raids 9 locations in Malegaon over fake birth-death certificate scam,” 25 Apr 2025.55Lokmat Times, “Birth certificate scam: over one lakh fake registrations, FIRs across states; 8 arrested in Maharashtra” (allegation pending verification).
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Three Pillars · One PlaybookReferences · Part 2 of 2
Sources continued
Master list [56]–[110] - same numbering as inline citation badges across the deck.
56Lokmat Times, “Mumbai: three arrested in fake marksheets scam for Class 11 admissions; SIT formed,” 18 Dec 2024.57Mumbai Live, “Mumbai University warns of fake marksheet delivery at home.”58Free Press Journal, “Two booked for issuing false degree certificates.”59W3C, Verifiable Credentials Data Model 2.0 - recommendation, 15 May 2025.60EU Digital Identity Regulation portal (eIDAS 2.0).61NeGD, “DigiLocker: the Digital Vault of India” (Charru Malhotra) and DIAL DigiLocker Story.62@digilocker_ind on X - registered users / docs counter.63National Academic Depository (via DigiLocker) - Maharashtra state stats.64Frontier Tech Hub on Karnataka land-records pilot; MediaNama, Dec 2024; MeitY blockchain success stories.65IIT Kanpur and NIT Rourkela blockchain degree programmes (institutional bulletins, 2023+).66Business Today on EPFO AI auto-claim settlement.67EU EBSI - Verifiable Credentials Success Stories.68SkillsFuture Singapore on OpenCerts; OpenCerts.io.69Estonia X-Road interoperability platform.70MIT Registrar, Digital Diploma Certificates.71UAE Dubai Economy / HSBC / norbloc KYC blockchain announcement, 27 June 2021.72MOSIP at IIIT-Bangalore.73My Pune Pulse, “PCMC goes fully digital,” Feb 2025.74IFSCA, Consultation Paper on Regulatory Approach towards Tokenisation of Real-World Assets, 26 Feb 2025.75IFSCA Listing Regulations 2024.76IFSCA Fund Management Regulations 2025.77IFSCA Fund Management Entities periodic data.78Business Standard / Free Press Journal - PropShare Titania ₹473 cr SM REIT (Jul 2025) and PropShare Platina ₹353 cr (Dec 2024).79RBI Annual Report 2024-25 via MediaNama; Wikipedia on Digital Rupee (e₹-W pilots).80Business Today on VDA tax (Section 115BBH).81RWA.xyz dashboard; CoinDesk, “RWA tokenisation market grew almost five-fold in 3 years,” 26 Jun 2025.82HKMA press release on third tokenised green bond, 11 Nov 2025; HK Govt info.83MAS Project Guardian - industry collaboration to scale asset tokenisation.84Securitize / BlackRock BUIDL surpasses $1B AUM; The Block on $1.7B+ NAV.85Franklin Templeton BENJI / FOBXX public disclosures.86JPMorgan Kinexys - “introducing Kinexys”; AssetTokenization.com on $3T transaction platform.87FCA PS24/12, Digital Securities Sandbox: joint policy statement (final guidance).88Dubai VARA - Virtual Assets Regulatory Authority.89BCG/ADDX (2022); Citi GPS (Mar 2023); McKinsey, “The tides of tokenization,” Jun 2024; Standard Chartered (2024) - RWA market sizing.90India Budget Statement 15A; The Print on sovereign green bonds (₹20,000 cr in four tranches).91Indore Green Bond, Feb 2023 (BSE municipal issuance, 1.21× subscribed).92My Pune Pulse, June 2025 - PCMC ₹200 cr green bond, 5.13× subscribed.93Coverage of PMC 2017 muni bond (₹200 cr GO bond, 6× subscribed).94ICAP CCTS profile; PIB on Carbon Credit Trading Scheme.95Deccan Herald on Sovereign Gold Bond discontinuation in Union Budget 2025.96India Bonds / Construction World on MMRDA financing.97Housing.com / Indian Infrastructure Magazine on MSRDC Virar-Alibaug Multi-Modal Corridor (~₹55,000 cr).98Blackridge Research / OurNagpur on Samruddhi Mahamarg cost (~₹55,000 cr capex).99Free Press Journal, “MSRDC collects ₹1,226 cr Samruddhi toll,” 12 Feb 2025.100Business Today / Moneylife on MTHL toll revenue.101MIDC India; industry.maharashtra.gov.in - industrial-area inventory.102MahaRERA data via Free Press Journal (2025) - registered projects and stalled-project AMC.103Cushman & Wakefield / Mint on 2025 Mumbai Grade A office market (>50% Maharashtra share).104Free Press Journal on BEST fleet and EV transition (2025).105AMDA India on MSRTC operations.106Mercom India / SolarQuarter on MSEDCL renewable contracts.107Swarajya / Free Press Journal on Mumbai Port Authority e-auction (Aug 2025).108Business Today on Navi Mumbai International Airport costing.109MMRDA / Construction World / themetrorailguy / Blackridge Research on Mumbai Metro line costs.110Mordor Intelligence on Macrotech-Maharashtra data centre MoU, Sept 2025.
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