logo

Vajra Indian blockchain payment system goes live

Vajra Indian blockchain payment system goes live

Vajra Indian blockchain payment system is finally here! Indian cryptocurrency scene is still largely opaque. However, the National Payment Corporation of India (NPCI) has just announced that it will launch a payment system called Vajra that is based on blockchain and DLT. The platform will ensure super-speed, efficient and easier transactions. NPCI ventured into the distributed ledger technology realm to create a payments system that allows for high-speed, super-secure transactions in India.

NPCI is an Indian organisation that dictates retail payments and settlements in the country. Monitored by the Reserve Bank of India, NPCI ensures that all the transaction systems remain robust, effective and efficient.

Vajra Indian blockchain payment system is just the beginning

The Vajra Indian blockchain payment system is the first among many to come later. The network administrator will allow the registered parties to make transactions. Vajra will consist of three nodes namely the clearing node, notary node and the participant node. Together, they will work in conjunction with each other for payment transactions and approvals.

The ability to add a new party remains with the Clearing node. Node authentication will be required by every interacting party. Vital security procedures define API interactions and data access. Firstly, APIs send requests to the bank and then processed via Vajra. Now, the ledger records the on-chain data. Transactions are validated as per predefined transaction mechanisms through the smart contracts operating on the Vajra. The data from the DLT is posted to the RBI every fifteen minutes.

Benefits of Vajra Indian blockchain payment

Vajra Indian blockchain payment system wishes to bring cryptography security and faster transactions to the Indian payment system. Minimal transaction processing time and quick dispute resolution serve as the prime advantages of  Vajra. The much-loathed manual payment processing in India will be taken care of with Vajra.

Data security, transaction transparency and robust payment mechanism are the key goals of the project. In a country like India, such a blockchain-based payment processing technology ensures that local payments retain high-security credentials. Also, it will be setting an example for many future blockchain-based products.

Image Source: Pixabay

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related News

Hot Stories

Binance Coin price analysis: BNB finds support at $270, can the bulls hold on?
Bitcoin, Ethereum, Avalanche, and Cosmos Daily Price Analyses – 25 September Roundup
FEG Token Price Prediction 2022-2031: Will the FEG Price Go Up?
XVG Price Prediction 2022-2031: Is Verge a Good Investment?
BitTorrent Price Prediction 2022-2031: Is BTT a Good Investment?

Follow Us

Industry News

Kenyan Central Bank reiterates stance on crypto
Is the demand for crypto as a payment method declining?
Why is the BoycottBinance hashtag trending today on Twitter?
Financial Empowerment through Bankless Systems
Weekly Crypto Price Analysis: BTC, ETH, SOL, XRP, and ADA