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India’s NPCI and IISc Forge Partnership to Advance Blockchain and AI Research

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The Evolution Of Innovative Blockchain Ecosystem Powered By AI Technology

发布日期: 2024年4月8日

In a recent development, the National Payments Corporation of India (NPCI) has forged a partnership with the Indian Institute of Science (IISc), Bengaluru, aimed at advancing research in emerging technologies like blockchain and Artificial Intelligence (AI). This collaboration, formalized through a Memorandum of Understanding (MoU), underscores India’s commitment to technological innovation despite its cautious approach towards cryptocurrencies.

The NPCI, an initiative by the Reserve Bank of India (RBI), is dedicated to fostering innovation in retail payment systems through technology. On the other hand, the IISc stands as one of India’s foremost institutions for advanced scientific and technological research, boasting a rich history dating back to 1909.

Together, these entities will focus on developing scalable blockchain platforms and a multi-modal analytics platform to oversee fintech data. Vishal Kanvaty, Chief Technology Officer of NPCI, emphasized the significance of deep technologies like blockchain and AI in enhancing the nation’s payment landscape as it progresses towards digital sustainability.

The move aligns with NPCI’s ongoing efforts to delve deeper into blockchain technology. Initiatives like Falcon, an open-source project launched last year, aim to simplify blockchain management and utilization. NPCI’s earlier endeavors include ‘Vajra,’ a blockchain-based system designed in 2020 to automate payment clearing and settlement processes for NPCI products.

Moreover, collaborations and research initiatives surrounding blockchain technology have been gaining momentum across Indian educational institutions and government bodies. In April 2023, an impact lab dedicated to blockchain technology was established at the Hyderabad campus of the Indian School of Business (ISB). Additionally, agreements such as the one between the government of Telangana and the Bharat Web3 Association demonstrate the growing interest in blockchain discussions and research.

The NPCI-IISc partnership will extend beyond blockchain to encompass research and development in cryptography and machine learning (ML). Professor Yogesh Simmhan, Associate Professor at the Department of Computational and Data Sciences, IISc, highlighted the collaborative research’s potential to enhance the scalability and effectiveness of NPCI’s billion-scale platforms.

In essence, the collaboration between NPCI and IISc signals a concerted effort to drive innovation and research in cutting-edge technologies, positioning India at the forefront of technological advancement in the digital era.