A live broadcast of a live event at a financial institution in India will be streamed on a blockchain technology platform, the Reserve Bank of India said on Wednesday.
The Reserve Bank on Wednesday said it was the first country in the world to use a blockchain to manage payments.
The central bank said in a statement that it will use a token called VISA for the bank’s digital wallet and a new digital asset called VIN for the asset-backed lending facility.
The new platform, dubbed VISA-ICIS, will allow customers to pay for goods and services using VISA’s digital assets, which will be used to secure loans.
The RBI said the bank will use an open source ledger technology, called Ethereum, which it will leverage for the payments system.
It said it will allow the RBI to access its global data in a transparent and secure manner and will make the bank available for public access through its website and mobile apps.
The RBI said it is also building a digital currency called VYMNSS, which is an asset-based lending facility that will be available on the platform.
The blockchain platform, called VICIS is a platform to make digital assets available for use in the payments industry, it said.