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<ul><li>The <keyword id="8529662" type="UNKNOWN" weightage="20" keywordseo="vajra-platform">Vajra Platform</keyword> uses distributed ledger technology to ensure security and improve the speed of transactions.</li><li>Payment companies and end users alike are expected to benefit from this new platform.</li><li>UIDAI will also use the Vajra Platform for Aadhaar authentication.</li></ul>The National Payments Corporation of India (NPCI) has launched the Vajra Platform to make payments fast and secure. Based on blockchain technology, the primary highlight of the Vajra Platform is that it automates clearing and settlement of payments, drastically reducing the need for manual reconciliation. While making the <a href="https://www.npci.org.in/sites/default/files/Vajra%20Paltform%2019%20Nov.pdf">announcement</a>, NPCI said that the Vajra Platform uses distributed ledger technology (DLT). It uses a permissions model to ensure that only approved parties are a part of the network. Payment companies can apply to be a part of the network. Once approved, they can deploy the platform using an application programming interface (API) that will be provided by NPCI. Benefits of the Vajra Platform 
 <div type="image" title="NPCI Vajra" msid="73123521" hostid="261"></div>



 According to NPCI, following are the benefits of the Vajra Platform: <ul><li>Near real-time clearing and settlement of transactions.</li><li>Minimal reconciliation of transactions.</li><li>Improved security and reduced operational and financial risks.</li><li>Legitimate audit trail as DLT is incorruptible.</li></ul>Improved security and reduction in manual reconciliation should reduce cost of operations for payment companies. As far as end users are concerned, the introduction of Vajra Platform should make the process of payments even more seamless than it is right now. The use of DLT and the resulting audit trail should also make it easier to track and resolve payment disputes. At the moment, payment disputes raised by users take at least three working days to be resolved. In addition to improving the security of payments and making the process faster, the Vajra Platform will also be used for Aadhaar authentication by the Unique Identification Authority of India (UIDAI). Although the Indian government and has been <a href="https://www.businessinsider.in/what-is-cryptocurrency-in-india/articleshow/70132522.cms">against</a> the concept of cryptocurrency, it has now embraced one of its features. The Reserve Bank of India has also <a href="https://rbidocs.rbi.org.in/rdocs/content/Mp3/RBI0320191205102610.mp3">revealed</a> that it is thinking about developing a sovereign digital currency, although it banned cryptocurrency. See also: <a href="https://www.businessinsider.in/tech/how-to/what-is-upi-and-how-does-it-work/articleshow/73030004.cms">What is UPI and how does it work?</a> <a href="https://www.businessinsider.in/no-mdr-charges-applicable-on-payment-via-rupay-upi-from-jan-1-fm/articleshow/73008482.cms">No MDR charges applicable on payment via RuPay, UPI from Jan 1: FM</a> <a href="https://www.businessinsider.in/google-wants-us-to-learn-from-indias-upi-example-writes-letter-to-federal-reserve-to-build-fednow/articleshow/72669392.cms">Google wants US to learn from India's UPI example, writes letter to Federal Reserve to build FedNow</a>

NPCI Vajra Platform blockchain-based platform launched for secure and fast payments

<ul><li>The Indian government has drafted a <keyword id="10714457" type="UNKNOWN" weightage="20" keywordseo="national-strategy-on-blockchain">National Strategy on Blockchain</keyword>.</li><li>This could be the next big step in the <keyword id="3264646" type="PERSON" weightage="20" keywordseo="India-stack">India Stack</keyword> – an ambitious technology project Indian government embarked upon over 10 years ago.</li><li>If the implementation of UPI was revolutionary, the scale of changes that the addition of <keyword id="6355684" type="PERSON" weightage="20" keywordseo="Blockchain">blockchain</keyword> infrastructure can facilitate will be way, way bigger.</li></ul>Over 10 years ago, the Indian government opened up its database for private players to build products upon it. The combination of Aadhaar ⁠— the world’s largest identity database ⁠— along with the government’s payments infrastructure, riding on the proliferation of mobile phones, allowed millions of Indians to leapfrog into the digital payments era. <div type="image" title="india stack1" msid="80718503" hostid="261"></div> The sheer scale of the ambition and its success in bringing financial inclusion got the Indian government laurels from some of the biggest icons of modern technology, including <keyword id="45830" type="PERSON" weightage="20" keywordseo="Bill-Gates">Bill Gates</keyword>, Satya Nadella and <keyword id="164502" type="PERSON" weightage="20" keywordseo="Sundar-Pichai">Sundar Pichai</keyword>. And now, India is set to add blockchain infrastructure to that India Stack and the benefits could be way, way bigger than what the unified payments interface (UPI) achieved. According to the draft National Strategy on Blockchain, a government-led blockchain infrastructure can become the hub for private developers to build applications. If the India Stack allowed developers to build payments products, access to blockchain infrastructure can revolutionise products and services across healthcare, cyber security, governance, media, logistics &amp; hospitality, education, legal, energy, smart cities and so on. <div type="image" title="Blockchain" msid="80718512" hostid="261"></div> “Blockchain being a single source of truth can be used for authentication and verification of all the transactions and data, produced by various government departments,” said the draft. The government is currently accepting public opinions on the draft until February 16 through the MyGov platform. Now, what can this technology be used for? The latest draft from The Ministry of Electronics and Information Technology has laid out some of its targets. <ul><li>Setting up a national framework for blockchain.</li><li>Architecture options for blockchain including private participation.</li><li>Applications of national interest for blockchain which includes e-voting, land records, pharmaceutical supply, power distribution, identity management among others.</li><li>Build centres of excellence of blockchain technology.</li></ul>The success of the India Stack is fuelling excitement around the ‘India ledger’ By opening up its database securely for private developers, India had done what no other country had. Sundar Pichai, the CEO of Alphabet, which owns the internet giant Google, in an <a href="https://economictimes.indiatimes.com/opinion/interviews/if-upi-payments-work-in-india-it-will-work-everywhere-sundar-pichai-ceo-google/articleshow/56341566.cms">interview</a> in 2017 had said that UPI and India Stack conversations get him excited. Pichai, who had then said we will see products being built out of India for a global stage, has since then gone on to commit $10 billion into the country’s technology ecosystem. <a href="https://economictimes.indiatimes.com/tech/technology/digital-india-and-india-stack-have-made-the-country-stand-out-satya-nadella/articleshow/79783076.cms?from=mdr">Talking about India Stack</a>, Microsoft founder Bill Gates had said that India is at the “cusp of leapfrogging” whereas his successor Nadella said ,”'Digital India' framework has made India 'stand out' from the rest of the world”. One of the architects of India Stack Nandan Nilekani, the co-founder of Infosys, had called it the “single most important innovation India needs”. Opening up a blockchain infrastructure for similar innovations may lead to bigger advancements in technology than UPI, which is hailed as India’s most successful digital project. “We can create our own massive blockchain ledger, say India Ledger, where all researchers and experts come together. The third is that we need to create our own journey with blockchain. Now, is the time to really work on these thoughts,” said Prasanna Lohar, head of digital innovations at DCB Bank and a blockchain expert who has been privy to the discussions around blockchain with the government. Along with the blockchain strategy, India is toying with the idea of banning private cryptocurrency and instead bringing out its own “digital rupee”. “Niti Aayog, India's think tank has been working on IndiaChain, India's own ambitious project to develop a nationwide blockchain network, which has revolutionized India’s position as one of the emerging technology players. A few months ago, a blockchain project named Vajra designed by the National Payments Corporation of India for various payment companies providing secured transactions on their online platforms or mobile applications, shows the government is taking proactive initiative to support blockchain,” said Neeraj Khandelwal, co-founder of cryptocurrency and bitcoin startup CoinDCX. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/india-becomes-the-first-asian-country-allow-small-investors-to-directly-lend-to-the-government/articleshow/80701417.cms">India becomes the first Asian country to allow small investors to directly lend to the government</a>

The India stack that Bill Gates and Sundar Pichai so love is set to get much bigger – thanks to the Indian government’s new blockchain strategy

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NPCI Vajra Platform blockchain-based platform launched for secure and fast payments

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The India stack that Bill Gates and Sundar Pichai so love is set to get much bigger – thanks to the Indian government’s new blockchain strategy

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