NPCI's Blockchain-based Vajra to secure Online Payment

Having their faiths restored on blockchain technology, NPCI (National Payment Corporation of India) recently unveiled a platform supported by blockchain technology named Vajra.

The platform, supported on the Distributed Ledger Technology (DLT) has been tailor-made for automating payment clearing and settlement processes of NPCI products such as unified payments interface (UPI) and Rupay card.

DLT also known as Distributed Ledger Technology facilitates secured transactions through a distributed and immutable database. The technology can be adapted to secure various payment methods. DLT also acts stores information for all transactions in hashed digital packets called blocks.

As per NPCI, the platform can be accessed by payment companies for ensuring secured online transactions on their platforms or mobile applications. To enable easy implementation of  Vajra in payments systems supported by banks, NPCI will provide an application programming interface (API).

Besides securing payments this tech-based platform will also enable Adhaar authentication for Unique Identification Authority of India (UIDAI) .

(Source: inc42)