National Payments Corporation of India to Step Towards Blockchain
April 16, 2019 1:33 pm
A bank consortium owned organisation, the National Payments Corporation of India (NPCI) – plans to implement the use of blockchain technology. The organisation, generally responsible for the retail payments and settlements feels blockchain would boost digital transactions in India.
National Payments Corporation of India (NPCI) Wants to Step Towards Blockchain
A report in Business Today mentions NPCI’s plans of developing a “resilient, real time and highly scalable” blockchain solution. This might use some open-source technology as well.
Expression of Interest (EoI) has been issued already by NPCI, and it urges the entities to shift towards blockchain to process and transact the payments.
NPCI has been promoted by 10 banks in India backed by Indian Bank Association (IBA). There are 56 shareholders of NPCI at present.
According to a recent study by PwC, a global consultancy firm – India would be one of the leaders of blockchain in the world by 2023.
Tarun Wig, Co-Founder, Innefu Labs says –
“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”
Adding further, an executive decision making body – India’s Union Cabinet, led by Prime Minister Narendra Modi clears that it would let Export-Import Bank (Exim) conduct necessary researches on blockchain technology, and also they can partner with the banks in the BRICS bloc.