Leveraging blockchain technology in Indian digital payment systems

Abstract

The digital payments landscape is undergoing a fundamental transformation fueled by innovative technologies like blockchain. While often associated with cryptocurrencies, blockchain's potential extends far beyond mere transactional efficiency. This distributed ledger technology offers a unique blend of security, transparency, and immutability, making it a compelling avenue for reshaping the very nature of digital payments. Purpose: The research paper will offer insights into the theoretical foundations, practical use cases, and potential challenges of integrating blockchain technology with existing systems in India. Objective: This research paper aims to deliver a comprehensive conceptual understanding of blockchain technology, its potential applications in digital payments, and its relevance within the context of India Stack. Research outcome: The study concluded that rising internet users and adoption of technology by the financial institutions and banking sector transformed the India as fastest growing economy in terms of digital payment systems.