India stack blockchain

As cryptocurrencies are becoming mainstream, governments are warming up to them and regulators are stepping in, the real picture about bitcoin and blockchain will be clear in the days to come. Bitcoin and blockchain will turn 10 in It was in the ruins of the Lehman crash and the transition to the Obama era, 10 years ago, that Satoshi Nakamoto conceived of the technology that now has the potential to change the world. However, when my gym instructor asked me the other day whether I was trading bitcoin, it hit me: Bitcoin was mainstream in India! That also set me thinking what its 10th birth-year would be like for bitcoin, other cryptocurrencies, and more importantly, for their conjoined twin-mother: the blockchain.

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WATCH RELATED VIDEO: India for India - India Stack Updates

Blockchain Promise for Microfinance

India Stack is a set of APIs which allows the government and private companies to deploy cashless and paperless technology products. These APIs are maintained independently by their owners but the India Stack drives adoption by developers through their events. This demographic biometric information collected by UIDAI has created several opportunities through the addition of the open technology platform. The government has created this digital platform of the freeway system through APIs that sit atop the biometric-enabled Aadhaar system.

Looking into this, one would wonder why the Aadhaar garners a lot of interest. Here are three reasons why:. Aadhaar or the biometric identity is the bottom-most layer in this value-added stack offering.

Using the Aadhaar identity, the paperless layer uses the e-KYC and e-documentation services. Currently, This can be explained in a nutshell as follows:.

Now we will list out the key parts that consist of India Stack and it will play a larger role in our day to day lives.

This is the Unique Identification Number which is linked to the biometric readings of the individual. In order to receive industry feedback, Aadhaar was added as an e-KYC project. This enables organizations to get instant verification of customers. Some of the details that are provided include the place of residence and the date of birth of the individual.

Using AEPS, this improves financial inclusion for retail outlets that can go cashless and allows for disbursement of government entitlements and bank to bank transfers. The Unified Payment Interface or UPI enables a payment request and customer to send funds to a beneficiary and collect requests from a customer for payment. The best part is that it allows India to trade and transact digitally. This is authenticated through biometric readings and through an OTP.

This reduces paperwork with the authentication process and provides legal validity with this signing mechanism. Another great feature is a DigiLocker that is used as a Government of India repository for documents. Also, users can sign up for services by linking their Aadhaar cards and similarly it can be used to upload documents, eSign these documents and share the documents at any time, from anywhere.

This provides the capability that allows individuals to electronically sign contracts with any entity without a pen or paper. India Stacks presents the opportunity for private players to enable disruption.

This is done by taking down the cost of customer acquisition and ongoing maintenance. This enables businesses to tap into the customer segment which is currently out of reach. This would enable even the street vendor that does not have a bank account to make all their transactions digital and uses this information to grow their businesses and invest in savings. In the long run, India Stack will build a digital portal to the entire financial world.

Your email address will not be published. This can be explained in a nutshell as follows: Consent Layer: This layer is a modern privacy data-sharing framework with an open personal data store and is owned by the Reserve Bank of India. Paperless Layer: This can easily store and retrieve information digitally. Key Parts of India Stack Now we will list out the key parts that consist of India Stack and it will play a larger role in our day to day lives. The Way Forward India Stacks presents the opportunity for private players to enable disruption.

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Supporting select cryptocurrencies directly on Mastercard's network helps more merchants accept crypto payments, giving people more choice.

New concept of India cryptowallet will address multiple Govt concerns, report by Policy 4.0 reveals

Learn what Stacking is, how it works, and start earning BTC rewards. Stacks What is Stacks, conceptual overview, and why Bitcoin. Recommended videos, articles, and more to expand your Stacks knowledge. Find news roundups and recaps from across the Stacks ecosystem, curated by the Stacks Foundation. See how you can contribute to Stacks core development or projects built on Stacks. Join a community of builders, developers, holders, and investors. Find community at upcoming conferences, virtual events, and more. Join the global community or find a local group or Stacks Chapter. Stacks connects to Bitcoin, enabling you to build apps, smart contracts, and digital assets that are integrated with Bitcoin's security, capital, and network.

'India can pip others in cryptocurrency by adding it to UPI, Aadhaar'

india stack blockchain

It is a form of distributed database to be shared amongst different nodes of a computer network, which stores every possible information in digital format, electronically within a block. Blocks have limited storage capacity and once filled are closed and linked to each other, forming a chain of data which is finally called the blockchain. This form of data structure eventually makes an irreversible string of data elements when implemented in decentralized nature, making these transactions permanently recorded as well as viewable to anyone. Its heavy diet on energy: For example, Bitcoin has been claimed to have used an energy equivalent to the amount used by world countries, just for its computation mechanism in alone. But there have been doubts when compared the same to the energy consumed in other alternative transactions including those by banks.

India Stack is a set of APIs which allows the government and private companies to deploy cashless and paperless technology products.

What Trends are Driving the Fintech Revolution in India?

WEB 3, the promise of a decentralised and more democratic network is the next iteration of the internet. We are trying to build a digital infrastructure which would enable users to create their own worlds in the long run. The startup has started making non fungible tokens NFTs based on Indian culture and has already started monetising it. The startup has raised Rs If virtual worlds are the gateway to Web 3, blockchain networks form the backbone. There are several public and permissioned blockchain networks today, having their own rules.

MeitY releases national strategy on blockchain for its adoption in govt systems

A significant step towards achieving this goal was taken on 6 February , as the government announced the first implementation of IndiaChain for secure digital certification. Some of the use cases identified include the security of records in agriculture, land and electricity distribution. Education has already been tested and is comparatively less complex to implement. The government hopes to issue digital certificates, starting with batches graduating from universities in Fake certificates are a major problem in India, particularly for companies and universities.

Securities and Exchange Board of India (SEBI) has a new mechanism in place to improve investor grievance redressal significantly.

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The objective of the project is to evolve an Unified Blockchain framework with Technology Stack supporting the following capabilities:. IDRBT's role in the project is to design and develop security and privacy solutions to achieve confidentiality, authenticity, and data privacy using Blockchain Technology. The primary goal of the project is to enable a secure mobile payment for rural population using the backbone support of the space information network SIN.

By 2030, Blockchain can cease all traditional banking services, says State Bank of India

India is poised to emerge as a leading digital economy in the world. On the back of technological advances like fast broadband internet, ubiquitous 4G wireless, significant and increasing smartphone ownership, real time payment systems to name a few, financial services are undergoing a significant transformation. No longer is the geographic vastness of the country and the diversity of languages, a barrier for financial institutions to reach their customers. Backed by a forward looking government policy to usher in digital India with initiatives such as aadhaar, UPI, India stack, etc, the Indian financial services seems poised to leverage emerging technologies to transform how financial services are produced, delivered and consumed in India. New start-ups are mushrooming to disrupt legacy financial business ecosystems.

By extending hardware in form and function, sophisticated security measures known from the credit card industry get connected with the blockchain ecosystem. Our platform enables settlement and custody services for tokenized assets.

What We Do

Mumbai, December 23, Indian banking has the opportunity to be the poster child for modern banking paradigm globally suggests a study by Boston Consulting Group. India has already shown the way in payments via UPI. The same approach needs to permeate lending and data. Retail payments today, match the heft of Indian software services in bringing global acclaim to India. Over half of the valuation for Fintech is accounted for by payments. Conversations on UPIs have gained momentum, pointing to the potential scale and growth that is yet to be explored with regards to the platform.

The National Health Stack, on which the National Digital Health Mission will function, is designed to generate vast amounts of data, thus making it one of the largest health databases in the world. This Health ID will contain a patient's complete medical history, everything from prescriptions to diagnostic reports. It can be accessed not only by the patient but by players across the healthcare industry, including hospitals, laboratories, insurance companies and others. But where will this data be stored?

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