India has traditionally held a cautious approach towards cryptocurrencies, yet the country is actively engaging in research and development of blockchain technology. The National Payments Corporation of India (NPCI) recently partnered with the prestigious Indian Institute of Science (IISc) in Bengaluru to delve into emerging technologies such as blockchain and Artificial Intelligence (AI).
The primary objective of this collaboration is to explore and innovate in the realm of blockchain technology. The Memorandum of Understanding (MoU) signed by both parties solidifies their commitment to working together on developing scalable blockchain platforms. Additionally, a multi-modal analytics platform focusing on fintech data will also be a key focus of this partnership.
Vishal Kanvaty, Chief Technology Officer of NPCI, emphasized the importance of research in deep technologies like blockchain and AI for enhancing the payment landscape in India. By leveraging blockchain technology, which utilizes distributed digital ledgers across multiple computers, the NPCI aims to bolster security measures against tampering and hacks in payment systems.
The NPCI’s interest in blockchain technology dates back to previous projects such as Falcon and Vajra, aimed at simplifying blockchain management and automating payment processes. The collaboration with IISc is a testament to NPCI’s continued efforts to deepen their understanding of blockchain technology. Moreover, the newly established impact lab at the Hyderabad campus of the Indian School of Business further solidifies India’s commitment to blockchain research.
In addition to blockchain, the NPCI and IISc will also collaborate on research and development in the fields of cryptography and machine learning. This holistic approach to technological innovation underscores the comprehensive nature of the partnership between the two entities.
Professor Yogesh Simmhan, Associate Professor at the Department of Computational and Data Sciences, IISc, highlighted the unique opportunity for translational research that can enhance the scalability and effectiveness of NPCI’s platforms. The joint efforts of NPCI researchers and IISc faculty members are poised to drive innovation and advancement in the field of blockchain technology in India.
Through strategic collaborations and a steadfast commitment to research and development, India is positioning itself as a key player in the global blockchain landscape. The partnership between NPCI and IISc signals a new era of innovation and technological advancement, with the potential to revolutionize the payment ecosystem in the country. As the world continues to embrace digital transformation, India’s focus on blockchain research underscores its dedication to staying at the forefront of technological innovation.