Now India Launches Blockchain Platform for Payment Processing and Settlement

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Yes, Indian Government is against cryptocurrencies but want to reap fruits of blockchain technology and favours Distributed Ledger Technology.

National Payment Corporation of India has now launched a DLT based Vajra Platform to automatically process payments, clearing and settlement.

As many as 56 banks are members of NCPI and shareholders in Vajra Platofrm.

Vajra Platform's architecture consists of three nodes:

  1. CHN i.e. Clearing House Node will be maintained by NPCI
  2. Notary Node or UIDAI Node maintained for AADHAR biometric authentications
  3. Participant Node (PN) to view, post and receive transaction for use of member banks

Obviously, this is not an open or permission-less blockchain system but that's how blockchains are deemed useful by Indian government.

Check more details of this announcement here



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You have received a 100% upvote based on your stake of 66718.65281773 UFM! Votes today: 1

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Great article. Thanks for sharing. The Indian government will loose the trust of it's citizens as soon as the whole world is using cryptocurrencies. Like what the internet did to information and freedom of information, these restrictive measures limiting options will create a great turmoil when people start realizing that they are deprived and restricted to exchange value freely and peer to peer. An attack against freedom and liberty At these proportions with economical exclusion of a global movement that would help Indian citizens to create global value is something that many Indians should and will not accept! Specially when the defined values at stake are highly moral and with micro economical utility to futuristic thinkers that know their math. Data ownership and network resources will be valuable! This would make the citizens of the Indian subcontinent question the nature of the Indian oligarchic establishment. Isn't it clear that this resembles a dictatorship and if it would be a democracy, the ruling class should demand a privacy act?!?

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Yes, these are the very questions that every citizen will ask over time and challenge the privacy & ownership of blockchain technology by the .Government.
Thanks for this thought provoking comment!

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