The National Payment Corporation of India (NPCI) is considering the possibility of introducing the blockchain technology to increase the strength of digital transactions, the Indian business magazine Business Today reports April 14.
The initiative of ten banks under the auspices of the Association of Indian Banks (IBA) is aimed at improving the NPCI by introducing the technology of a distributed ledger, the publication emphasizes.
NCPI, an umbrella organization that manages retail payments and billing systems in India and includes 56 national banks as stakeholders, was created under the direction and support of the Reserve Bank of India and the IAA. The article says that NPCI will focus on developing blockchain technology in the payment domain to stimulate digital transactions.
“NPCI intends to develop a robust, scalable blockchain solution in real time. It is proposed to develop this solution using open source technology / framework / solution. ”
In July last year, five large banks from each member of the BRICS, including Brazil, Russia, India, China and South Africa, signed a memorandum of understanding on the development of technology distributed books to strengthen the digital economy.
Last fall, experts in the blockchain field held a debate during the Money 20/20 conference in Las Vegas, stressing that the blockchain technology would replace the current payment systems of the world.