India Makes Strides in Blockchain, AI Research: NPCI and IISc Forge Partnership
India’s journey towards the forefront of technological innovation takes a significant step forward with the recent collaboration between the National Payments Corporation of India (NPCI) and the Indian Institute of Science (IISc). This partnership, solidified through a multi-year Memorandum of Understanding (MoU), signifies a joint effort to explore the immense potential of Blockchain and Artificial Intelligence (AI).
Focus on Scalability and Advanced Analytics
The collaborative research efforts will prioritize two key areas: developing scalable blockchain platforms and leveraging multi-modal analytics for fintech data. Scalability is crucial for NPCI, which manages billion-scale payment platforms across India. Blockchain technology, with its inherent security and decentralized nature, offers a promising solution for handling these vast transactions efficiently.
NPCI’s Blockchain Exploration
NPCI has been actively exploring the potential of blockchain for several years. Notably, in 2020, they designed “Vajra,” a blockchain-based system aimed at automating payment clearing and settlement processes. This new partnership with IISc further strengthens their commitment to integrating this transformative technology.
Merging Expertise for Deep Tech Breakthroughs
IISc, a premier institute renowned for its pioneering research in science, engineering, and management, brings its expertise to the table. Faculty members from five departments will collaborate with NPCI researchers to address complex technological challenges in areas like scalability, privacy-preserving designs, neural networks, and advanced AI applications like Graph AI and Large Language Models (LLMs).
A Centre for Deep Tech Excellence
This momentous collaboration extends beyond joint research. The MoU paves the way for establishing the “NPCI-IISc Centre of Excellence (CoE) for Deep Tech Research & Development.” This center will serve as a hub for fostering cutting-edge research, developing models and software prototypes, and nurturing future generations of tech talent through workshops and training programs.
Looking Ahead: A Brighter Digital Future
Both NPCI and IISc acknowledge the transformative potential of deep technologies like AI and blockchain. This partnership signifies India’s commitment to harnessing these technologies to enhance the country’s digital landscape, particularly the payments sector. With the combined expertise of NPCI and IISc, India is poised to make significant advancements in the field of deep tech research, shaping a more secure, efficient, and innovative digital future.
India unites innovation to unlock a digital revolution.