NCP of India launches new permissioned blockchain system
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NCP of India launches new permissioned blockchain system 02 January 2020Mumbai Reporter: Maddie Saghir
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The National Payments Corporation of India (NPCI) is set to introduce Vajra Platform, a distributed ledger technology (DLT) system for automated payment, clearing and settlement.
NCPI explained in its document entitled ‘Vajra Platform’, that a distributed ledger gives control of all its information and transactions to the users and promotes transparency.
Meanwhile, NCPI highlighted that a permissioned network will be set up so that only the parties who have been approved by the Network Administrator can be a part of the network.
Vajra is being developed for a payments processing industry so permission-less blockchain systems were not considered, NCPI added.
According to NCPI, node is a fundamental component of a DLT; the clearing house node, NCPI, participant nodes and UIDAI node (Notary node) will be treated as part of the DLT platform.
NCIP cited: “The Vajra platform will be accessed by multiple payment entities for performing transactions via web interfaces. The bank nodes will receive requests from the application programming interface and will process it on Vajra.”
“The system will have self-executing contracts containing business rules. After successful processing of the requests, the on-chain data (for example, Hashes of the transactions) will be added to the ledger.”
NCPI added: “Each participant node in the network maintains a ledger of their own. Off Chain database will be used to store information that is not published on the platform (transaction data which doesn’t uniquely define the transaction). This data will be accessible only to the node.”
NCPI is an umbrella organisation for all retail payments in India and was set up with the guidance and support of the Reserve Bank of India and Indian Banks Association.
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