Blockchain is in the latest cryptocurrency news in India, where the National Payments Corporation is considering the use of technology in order to increase the strength of digital transactions. The news went viral after the Indian business magazine Business Today reported it on April 14.
According to the news, the initiative of ten banks monitored by the Indian Banks’ Association (IBA) is aiming to improve the NPCI by implementing DLT – distributed ledger technology. Meanwhile, the NPCI functions as an umbrella organization that operates with retail payments and settlement systems in India and counts more than 56 banks as its stakeholders.
The company was set up with the guidance and support of the Reserve Bank of India and the IBA.
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Currently, its plans are to focus on developing blockchain technology for payments, all in order to boost digital transactions as the publication notes.
“NPCI intends to develop a resilient, real time and highly scalable blockchain solution. It is proposed to develop this solution using an open source technology/ framework/solution,” is written in the publication.
According to previous reports by Cointelegraph from July last year, five major banks from eachBRICS member including banks from China, India, South Africa and Russia have signed a Memorandum of Understanding on the development of distributed ledger technology (DLT) for enhancing the digital economy within the country.
Another recent report that was shared on many best cryptocurrency news sites said that PwC India would be among the first leaders in blockchain technology by 2023.
“Blockchain stores information about transactions between users in a way that can be tracked by any user for forever for maximum transparency. This gives visibility which can lead to greater efficiency by automating or confirming transactions and increasing liquidity in the supply chain.”
In parallel with this, blockchain technology for banks was also mentioned during the Money 20/20 conference in Las Vegas last fall (2018) when experts underlined that it has a massive potential for replacing the world’s current payment systems.
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