eMudhra announced the launch of an R&D center in blockchain related technologies to further enhance Blockchain based systems for Smart Cities. A Blockchain fundamentally deals with secure transactions using cryptographic keys and this development is in line with the company’s mission to develop cutting edge technology that brings smarter governance for smart cities.
The company also plans to introduce solutions that will help various industries which require identity verification and authentication in conducting transactions across smart cities. eMudhra will also hire about 100 people to help accelerate efforts to bring about blockchain related solutions through its R&D center.
On achieving this milestone, Mr. V. Srinivasan, Chairman, eMudhra, said, “We are already starting to see a lot of interest from Government and Financial Services on Blockchain. Investing in blockchain technology is a natural progression of things for eMudhra. We deal with identity management every day and our expertise lies in simplifying a customers’ life while doing their financial transactions, ensuring full transparency. The key features of our Blockchain platform is the ability to identify and digitally sign transactions on a Blockchain using e-KYC and eSign.”
An integral part of Government of India’s vision is to create Smart Cities that are model cities from a governance perspective. The blockchain acts as an impenetrable shared ledger which can drive immense value to bring in accountability and transparency for private and public companies. The underlying technology can be used to record all communication between multiple parties, which in turn reduces the need for additional verifications and authentications, paper work, chances for forgery and importantly, digital storage of vital records that cannot be tampered. eMudhra will look to work with the government and global technology companies in this regard.
With an investment in a Blockchain solution, enormous benefits can be derived by developing smart contracts that can quickly verify identities, check credit worthiness, sign contracts and disburse money using existing payments infrastructure. Therefore, it significantly reduces the risk, costs and time consumed for both parties who enter into trade. eMudhra will offer its Blockchain platform as a service – similar to eSign, so the costs of adoption is significantly reduced for the transacting parties.
The digitization of records on the blockchain ensures administrative efficiency and drives stronger capabilities for urban planning. In a smart city, blockchain can also be critical in getting better access to public information and bring about a more accountable way of citizens participating in governance.
The company recently announced the launch of Aadhaar eSign-based ‘National Automated Clearing House’ (NACH) gateway to help large and small enterprises collect recurring payments from customers.