A new open-source project by the National Payments Corporation of India (NPCI) enables Indians to quickly develop and implement blockchain payment solutions.
Falcon “aims at simplifying the complex process of setting up, configuring, and maintaining Fabric nodes, peers, orderers, and channels within a Kubernetes environment,” according to the NPCI release. Digital assets have a troubled past in India, where the central bank has cracked down on the industry over the years.
About NPCI’s Falcon Project
While maintaining a somewhat sceptical posture toward including cryptocurrencies in its financial institutions, India is keeping an open mind when it comes to researching blockchain technology. On August 29, the National Payments Corporation of India (NPCI) announced the release of Falcon, an open-source project designed to make managing and using blockchains based on “Hyperledger Fabric” and powered by Kubernetes clusters easier. In essence, Falcon is anticipated to support innovators working on blockchain-based payment solutions.
The Reserve Bank of India (RBI) is looking to use artificial intelligence as the NPCI uses blockchain to improve payments. In August, RBI declared its intention to incorporate AI into its UPI fast payment platform in order to provide consumers with conversational payments.
Hyperledger and Kubernetes
Kubernetes and Hyperledger components will be combined in Falcon to make it easier to build and maintain high-end blockchain solutions.
Hyperledger
An enterprise-level permission blockchain network is called Hyperledger Fabric. The framework acts as the building block for developing blockchain-based goods and services.
Kubernetes
Kubernetes is an open-source tool for managing packaged software programs, commonly known as containerized applications. The group of machines that make up a Kubernetes cluster run containerized applications.