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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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GateHub: Stolen XRP funds transferred to prominent exchanges

Namrata Shukla

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GateHub stolen XRP funds moved to Bitfinex and OKEx
Source: Pixabay

The GateHub hack that took place earlier this month resulted in the exchange losing nearly 23 million XRP worth approximately $9 million. However, Whale Alert, a tracker of large crypto transactions, alerted the community of these stolen funds being moved to various different exchanges.

One of these exchanges was identified to be Bitfinex, which received 400,025 XRP on June 16 at 10:57:22 UTC. The sender’s address was r4hyDYXv7iV3oCahxQzqYYfgxwyBx3AyMN and was identified to be from the GateHub hack 2019. The receiver’s address was identified to be Bitfinex’s- r9o9MerrS7d2GAEs6JPj4v4JcvZAJNtLUY. The hash rate of the transaction was 21124F7818A2903E9750456D603CC9AACC9DBE6CE2EF0AA191C734339B4CA682 and the transaction details were as follows:

Source: Whale Alert

Source: Whale Alert

Another transaction was noted to take place to the Bitfinex wallet address where 100,000 XRP was transferred from another identified GateHub hack address. The identified Bitfinex’s wallet address was rDcz7P9YMpffLKhRBovTzhUr3wKtk3y9q7. This wallet address was quick to transfer the funds immediately to another exchange, OKEx. OKEx previously received 3,000 XRP from the stolen funds to an identified OKEx address- rUzWJkXyEtT8ekSSxkBYPqCvHpngcy6Fks. The hash rate of the transaction was noted to be BE97F68A20E996A2E1A37228DCBD45A1F26E8E2B3A842E9FCFFF7721157C1C37 and following were the transaction details:

Source: Whale Alert

Source: Whale Alert

The stolen funds were moved to another prominent exchange, Binance, and CZ was swift to inform Whale Alert that he would look into it. However, the crypto users did not find any relief about these funds going to other exchanges as the exchanges did not respond to the large transactions.





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