UPI-type Blockchain Platform Is Being Developed In India; Can Bitcoins Destroy Internet?

A new consultation paper on blockchain will be soon published by NitiAyog

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UPI-type blockchain is being developed in India
UPI-type blockchain is being developed in India

In one of the strongest push towards deep-tech and emerging technologies, Indian Govt. is now all set to develop a blockchain platform, which can enable myriad apps and tools for the citizens.

And UPI is the inspiration behind this.

In a related news, The Bank for International Settlements has declared that bitcoins can cripple whole Internet. When can this happen?

Read on!

Govt. Wants A Blockchain Platform!

As per reports coming in from FactorsDaily, Govt. of India wants to develop a massive platform of blockchain, which will be created on the likes of UPI.

This platform would be based on IndiaChain, which is the massive blockchain empowered structure where Aadhaar can be also integrated.

NitiAyog, the Govt. think-tank is right now working on this concept, and a special consultation paper related to blockchain would be soon presented before the nation.

An unnamed NitiAyog official said, “The work on the blockchain paper is in full swing now and hopefully it will be out by the end of the month or beginning of July.”

The concept would be based on a UPI like platform which gave birth to apps like BHIM and others. Similar, this IndiaChain based blockchain platform will give rise to numerous apps which will cater to various public sector utilities such as healthcare, transport, food and agriculture and more.

We had earlier reported that educational degrees of Indians will be now secured via IndianChain platform.

More details are awaited!

Can Bitcoins Cripple The Internet?

The Bank for International Settlements, which is the central bank of central banks, has come out heavily against bitcoins.

As per their latest research and statements, it is clear that they don’t want bitcoins and other cryptocurrencies to become mainstream, anywhere in the world.

As per The Bank for International Settlements, if bitcoins become the defacto currency for retail transactions, then it will cripple the Internet.

They have termed bitcoins as “a poor substitute for the solid institutional backing of money”.

Interestingly, they have also ticked off blockchain, the underlying technology which powers bitcoins. In their 24-page research, they have discovered that if blockchain forms the basis of retail transactions, then the non-cash transactions will swell to size of 100,000 gigabytes, thereby crippling whole Internet.

The report said, “Put in the simplest terms, the quest for decentralised trust has quickly became an environmental disaster.”

You can find the complete report here.

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