National Payments Corporation of India mulls using blockchain to enhance digital transactions

by Marie Rodriguez

Payments community NPCI is considering using an enormously scalable blockchain solution to beef up digital bills, which have seen an exponential boom these days.

A blockchain or disbursed ledger is a constantly growing list of encrypted transactions known as blocks. A block may contain any type of record, such as specific digital identifiers of physical products.

The National Payments Corporation of India (NPCI) is an umbrella enterprise for all retail bills in India. It becomes an installation with the steerage and support of the Reserve Bank of India and the Indian Banks Association (IBA).

Promoted using ten banks in India beneath the aegis of the IBA, it aims to end up the “pleasant bills network globally”. Presently, fifty-six banks are shareholders of NPCI.

“NPCI intends to increase a resilient, real-time, and incredibly scalable blockchain solution. It is proposed to develop this answer using an open supply generation/ framework/solution,” it said in a notification.

In this regard, the NPCI has floated an Express of Interest (EOI) so that you can allow bidders to propose their capability for developing distributed ledger era/ blockchain inside the price domain. According to a current file of worldwide consultancy company PwC, India might be one of the global blockchain leaders through 2023.

“Blockchain shops data about transactions between users in a manner that can be tracked with the aid of any user for all time for optimum transparency. This offers visibility which can cause more efficiency by using automating or confirming transactions and growing liquidity in the supply chain,” stated Innefu Labs Co-Founder Tarun Wig.

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