India’s National Payments Corporation of India (NPCI) has recently announced a significant stride in technological research through a multi-year Memorandum of Understanding (MoU) with the Indian Institute of Science (IISc), Bangalore. This partnership aims to conduct joint research in the domains of Blockchain and Artificial Intelligence (AI), fostering innovation through the establishment of the “NPCI–IISc Centre of Excellence (CoE) for Deep Tech Research & Development.”
Focusing on Scalable Blockchain Platforms:
The collaboration between NPCI and IISc will concentrate on scalable blockchain platforms and multi-modal analytics over fintech data. Faculty members from five departments at IISc will engage in collaborative efforts with NPCI researchers to address practical challenges in these domains.
Nurturing Technological Innovation:
IISc, renowned for its advanced technological research in science, engineering, design, and management, stands as a valuable partner for NPCI in this endeavor. The collaboration seeks to tackle intricate technological and engineering challenges, including scalability, privacy-preserving designs, neural networks, Graph AI, and Large Language Models (LLM).
NPCI’s Vision for Technological Advancements:
Vishal Kanvaty, Chief Technology Officer at NPCI, expressed enthusiasm about the partnership with IISc. He emphasized NPCI’s commitment to exploring new avenues and enhancing consumer experiences through emerging technologies. Kanvaty sees the collaboration as a crucial step towards achieving this goal, recognizing the significant potential for research in blockchain and AI to augment the payment landscape in India.
IISc’s Perspective on the Collaboration:
Prof Navakanta Bhat, Dean of the Division of Interdisciplinary Sciences at IISc, expressed delight in partnering with NPCI in the realms of deep tech and fintech analytics. Bhat highlighted that the collaboration would not only foster cutting-edge research but also contribute to the development of models and software prototypes. Additionally, the partnership aims to nurture professional development through workshops and training programs, anticipating exciting outcomes from the newly established Centre of Excellence.
Envisioning Joint Research Impact:
Prof Yogesh Simmhan, Associate Professor at the Department of Computational and Data Sciences, IISc, underscored the unique opportunity for translational research. He emphasized that the envisioned joint research between NPCI researchers and IISc faculty members in distributed systems, cryptography, and machine learning could enhance the scalability and effectiveness of billion-scale platforms managed by NPCI.
Conclusion:
In conclusion, the collaborative effort between NPCI and IISc signals a significant commitment to advancing technological research in India. By merging expertise in blockchain and AI, the partnership aims to address complex challenges and contribute to the evolution of scalable platforms in the fintech space. The establishment of the Centre of Excellence reflects a shared vision to drive innovation and enhance the technological landscape for the benefit of consumers and the broader digital ecosystem in the country.