India’s bank consortium NPCI to explore blockchain technology for digital transactions

  • The organization has plans to create a “resilient, real-time and highly scalable” blockchain solution.
  • The NPCI has released an Expression of Interest (EoI).

A bank Consortium in India, the National Payments Corporation of India (NPCI) is planning to harness the power of the blockchain technology to boost digital transactions.

A report that appeared on Business Today said that the organization has plans to create a “resilient, real-time and highly scalable” blockchain solution utilizing the open-source technology. The NPCI has released an Expression of Interest (EoI) in order to have interested parties’ signup to developing a blockchain for the payments arena.

According to CoinDesk:

“The NPCI is a non-profit organization supported by India’s central bank, the Reserve Bank of India (RBI) and the Indian Banks’ Association. It is promoted by 10 banks, including the State Bank of India (SBI), ICICI Bank and HSBC, and has 56 banks as shareholders as of 2016.”

 

 

 

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