In line with a recent news report by native media outlet ‘Business Today’, NPCI – National Payments Corporation of India is taking into account to implement the blockchain ‘technology‘ to extend the strength of digital transactions.
With the initiative of 10 banks, underneath the aegis of the IBA [Indian Banks’ Association], aims to boost and improve the NPCI by implementing DLT [Distributed Ledger Technology], the publication adds.
The NPCI, which is an umbrella organization that operates retail payments and settlement systems in ‘India‘ and include arounds fifty six national banks as stakeholders, was set-up with the steerage and support of the RBI [Reserve Bank Of India] along with IBA. The NPCI will specialize in developing blockchain technologies within the payment domain for enhancing the digital transactions, the article states.
Explaining further, the article adds:
“NPCI intends to develop a resilient, real time and extremely scalable blockchain ‘solution‘. It’s proposed to develop this new solution employing an open source technology/ framework/solution.”
As ‘reported‘ earlier in July last year, 5 leading banks from each BRICS member, along with Brazil, Russia, ‘India‘, China & South Africa, signed a MoU [Memorandum of Understanding] on the event of DLT [Distributed Ledger Technology] for enhancing/improving/deploying the digital ecosystem.
Moreover earlier also, experts within the blockchain field held several debates during the Money 20/20 conference held in Las Vegas, outlining that the blockchain technology can replace the world’s existing payment systems more efficiently.