Blockchain, Featured

NITI Aayog Announces IndiaChain Blockchain Based UPI

NITI Aayog aka National Institute for Transforming India announced the conceptualization of the latest blockchain technology. The ideation was proposed earlier this year in February. The ideas were also shared through a paper on Artificial Intelligence.  The institute is focusing now release a policy paper on the blockchain most probably next month.

Blockchain and cryptocurrency are the two most happening terms in the market right now. Several countries have legally adopted virtual currencies which are based its the interface. However, there is a lot more ahead of cryptocurrencies and it can be used in other domains quite effectively.

How Does IndiaChain Operates?

According to AMB Crypto, a NITI official stated that their AI paper was on high priority as finance ministry had mentioned that during their budget proposal. Further adding to it, he stated that the ideation of blockchain is in full swing and is likely to come out in the first week of July. It is reportedly said that the ambitious project of NITI Ayog is titled as IndiaChain. The aim of this assignment is to develop a blockchain network nation-wide and to link it with IndiaStack. It is the digital infrastructure which gives a platform to the Aadhar project.

The proof of concept of blockchain technology has already commenced in agriculture and healthcare sector.  NITI is aiming to replicate the Unified Payments Interface (UPI) features in IndiaChain. UPI is planned and maintained by the governing body National Payments Corporation of India.

Companies and other governmental bodies can create sidechains in their domains linking back to IndiaChain. It is also updated some blockchain based applications will be made for the reference. These can be taken up by the companies to create and customize their own apps. However, there is already a debate going on the security of Aadhar digital database this can give rise to another argument.

 

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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