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India’s Payments Corporation considering blockchain technology to strengthen digital transactions

Namrata Shukla

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India's Payments Corporation considering blockchain technology to strengthen digital transactions
Source: Pixabay

The National Payments Corporation of India [NPCI] is pondering over the implementation of blockchain technology in an effort to strengthen digital transactions in the country, reported Business Today.

This initiative is being promoted by ten banks with backing from the Indian Banks Association [IBA] and it aims to become the “best payment network globally”. It is also an umbrella organization which runs retail payments and settlement systems in India and encompasses 56 national banks as stakeholders. Setup with the guidance and support of the Reserve Bank of India and the IBA, the NPCI will work on developing blockchain technology in the payment field to boost digital transactions. A notification from the NPCI read:

“NPCI intends to develop a resilient, real time and highly scalable blockchain solution. It is proposed to develop this solution using an open source technology/ framework/solution.”

The publication quoted a report of global consultancy firm PwC, which claimed that India would be one of the world’s blockchain leaders by 2023. Tarun Wig, the co-founder of Innefu Labs, said:



“Blockchain stores information about transactions between users in a way that can be tracked by any user for forever for maximum transparency. This gives visibility which can lead to greater efficiency by automating or confirming transactions and increasing liquidity in the supply chain.”

NPCI has successfully developed the Unified Payments Interface [UPI] payment system and is gaining traction in the country. The total payments shot up in March 2019 as compared to August 2016. The total payments in March were noted to be a whopping Rs 1.33 lakh crore, while in August 2016, it was Rs. 3.1 crore.

In July 2018, major banks from India and other BRICS nation, Brazil, Russia, China, and South Africa, had signed a Memorandum of Understanding for developing distributed ledger technology to enhance the digital economy.





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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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