【New Delhi】Niti Aayog, the government’s premier think tank, is looking to bring out a discussion paper on the prospective use of blockchain technology in areas such as land records and electronic health records.
The discussion paper, likely to be brought out within a month, will have extensive reports on the proof of concepts (PoC) studies carried out to check if land records can be synced with registration offices for better governance and whether electronic health records can be made more transparent.
Blockchain is an infrastructure where a distributed digital ledger is maintained by a network of computers or nodes. This means information of a financial or nonfinancial transaction is shared with a decentralised network and validated by the entire network. Therefore, a blockchain framework, not being managed centrally, effectively reduces the chances of data manipulation and leaves lesser scope for a hacker to corrupt one system.
○Wallet companies feel the pinch of full KYC guidelines
【Bengaluru】The Payments Council of India, the industry association for payments companies, has asked the Reserve Bank of India to withdraw full know-your-customer requirements for them, claiming they would otherwise lose customers.
“The revised guidelines of full KYC for PPIs (prepaid payments industry) are throwing us in a very challenging situation since 90% of the volumes that we were generating was mainly from the minimum KYC PPIs.
If implemented, those customers will stop using our services,” said Sunil Kulkarni, joint managing director at Oxigen Services and co-chairman of the PPI committee under PCI.
The industry put the number of customers with full KYC done in the ‘low single digits’ with the deadline less than two weeks away.
Top executives said if the central bank did not revise its guidelines, the domestic remittance business could revert to banks or unofficial channels and the ecommerce business would go back to cash transactions.
Niti Aayog plans paper on blockchain technology for land, health records
Wallet companies feel the pinch of full KYC guidelines
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