Vajra (blockchain platform)

2019: Announcement

At the beginning of January, 2020 the National payment corporation of India (NPCI) integrating all payment systems of the country provided a corporate blockchain platform under the name Vajra. It is intended for automation of payments, clearing and check of transactions.

NPCI is the main body for work with retail and electronic payment systems in India. This organization was created by the Reserve Bank of India and Association of the Indian banks in 2008.

The national payment corporation of India (NPCI) integrating all payment systems of the country provided a corporate blockchain platform under the name Vajra

Automation — the main advantage of the new NPCI system. The blockchain provides complete coordination of data, accelerating transaction processing and reducing the number of disputes. The Vajra platform uses a blockchain network with the limited controlled access and three node types. One of them is the node of a clearing house which will be connected with NPCI; the second — a node of the participant for banks and payment service providers; and the third type is a notarial node for agency on identification of citizens which will check transactions.

The Vajra platform automates an approval process and reconciliations of processes in NPCI and also in partner banks and service providers. Smart contracts on a blockchain will check transaction and to carry out calculation on the basis of the coded rules. At transaction on the Vajra platform there will be a hash which will be available to regulators and all interested participants.

NPCI announced that clients can get access to the Vajra platform using the web interface and do not need any additional tools. The blockchain will store only transaction IDs (hash) whereas for storage of the ciphered transaction data the autonomous database is used. Each participant will have access only to those transactions in which took part.^[1]

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