NPCI and IISc Collaborate to Advance Blockchain and AI Research in India
Both these parties together, will work on developing scalable blockchain platforms. A multi-modal analytics platform to oversee fintech data will also be developed.
Despite its cautious approach to cryptocurrencies, India is actively pursuing research and development in blockchain technology, which underpins cryptocurrencies. In a new development, the National Payments Corporation of India (NPCI) has partnered with the Indian Institute of Science (IISc), Bengaluru, to conduct research on emerging technologies such as blockchain and Artificial Intelligence (AI). The collaboration was formalized with the signing of a Memorandum of Understanding (MoU) between the two parties.
The NPCI, an initiative by the RBI, aims to introduce innovations in retail payment systems using technology. On the other hand, the IISc is one of India’s leading institutes for advanced scientific and technological research, established in 1909. Together, they will collaborate to develop scalable blockchain platforms. Additionally, they will also be working on creating a multi-modal analytics platform to manage fintech data as part of this collaboration.
“In our journey towards digital sustainability, we acknowledge the considerable potential of research in deep technologies like blockchain and AI to advance the payment landscape,” stated Vishal Kanvaty, Chief Technology Officer of NPCI, in an official statement.
Blockchains are digital ledgers that record transactions across multiple computers, rather than storing data on a single network or server. Transitioning from traditional networks to blockchains would enhance security protocols against tampering and hacking attempts. The NPCI’s commitment to gaining a deeper understanding of blockchain technology is longstanding. Last year, the NPCI unveiled Falcon, an open-source project designed to streamline blockchain management and usage.
In 2020, the NPCI developed ‘Vajra’, a blockchain-powered system to automate payment clearing and settlement processes for NPCI products. In April 2023, a specialized impact lab dedicated to blockchain technology was established at the Hyderabad campus of the Indian School of Business (ISB).
Last February, the Telangana government partnered with the Bharat Web3 Association to facilitate discussions on blockchain technology. As part of their research efforts, the NPCI and the IISc will also engage in research and development related to cryptography and machine learning (ML).
“The collaborative research planned between NPCI researchers and IISc faculty members presents a distinctive opportunity for translational research aimed at improving the scalability and effectiveness of NPCI’s billion-scale platforms,” stated Professor Yogesh Simmhan, Associate Professor at the Department of Computational and Data Sciences, IISc.
