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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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Binance Chain’s first project Mithril to launch with MITH/USDT trading pair

Namrata Shukla

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Binance Chain's adds Mithril as its first project followed by MITH/USDT trading pair
Source: Pixabay

Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.

Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.

According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on Binance.com will be halted for the initial 12-hour migration period, however, trading will continue. The post added:



“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”

As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike,  followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.

Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.





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