NPCI Launches India’s Own Blockchain-Backed Open-Source Project ‘Falcon’: All Details

NPCI Launches India’s Own Blockchain-Backed Open-Source Project ‘Falcon’: All Details

The NPCI designed ‘Vajra’ in 2020 for automating payment settlements using blockchain

India has maintained a rather sceptic stance towards accepting cryptocurrencies as part of its financial systems, but is keeping an open approach towards exploring blockchain technology. The National Payments Corporation of India (NPCI), on August 29, announced the launch of Falcon — an open-source project that aims to simplify the management and use of blockchains based on ‘Hyperledger Fabric' and supported on Kubernetes clusters. Essentially, Falcon is expected to help developers innovate on blockchain-based payment solutions.

“Whether you're a blockchain enthusiast, developer, or enterprise seeking to harness the power of distributed ledger technology using Hyperledger Fabric, Falcon is your go-to solution for efficient, reliable, and automated Fabric network deployment,” the NPCI wrote in its official statement.

This offering from the NPCI is expected to help blockchain developers to use the distributed ledger technology to facilitate efficient, reliable, and automated deployment of network as well as Web3 solutions.

What is Hyperledger?

Hyperledger Fabric was initiated by Digital Asset and IBM, as per Investopedia. Hyperledger fabric is an enterprise-level permission blockchain network. The framework serves as a foundation for creating blockchain-based products and solutions.

What are Kubernetes Clusters?

Developed by Google engineers Joe Beda, Brendan Burns, and Craig McLuckie in 2014, Kubernetes is an open-source platform that assists the management of packaged software codes, also called containerised applications. A Kubernetes cluster is a set of nodes that run containerised applications.

“Kubernetes automates operational tasks of container management and includes built-in commands for deploying applications, rolling out changes to your applications, scaling your applications up and down to fit changing needs, monitoring your applications, and more—making it easier to manage applications,” Google Cloud has explained in its blog post.

About NPCI's Falcon Plans

Falcon represents a strategic fusion of Kubernetes and Hyperledger elements, harmoniously combining their distinctive capabilities to usher in a new era of streamlined blockchain solution development and maintenance. The convergence of Kubernetes’ automated operational processes and Hyperledger’s robust blockchain foundation promises to empower developers with an efficient and holistic environment to realize advanced-grade blockchain solutions.

Praising NPCI’s launch of Falcon, industry experts anticipate far-reaching benefits, speculating that this initiative has the potential to expedite the implementation of blockchain-based solutions and elevate the overall developer experience. Such predictions are grounded in the understanding that Falcon addresses critical pain points in blockchain deployment and management, ultimately fostering an environment conducive to rapid innovation and smoother execution.

Reflecting on the recent past, it’s noteworthy that the NPCI had previously introduced ‘Vajra’ in 2020 — a blockchain-driven system meticulously designed to automate payment clearing and settlement processes for NPCI products. This historical context underscores NPCI’s commitment to technological innovation in the financial domain.

In conclusion, India’s National Payments Corporation of India has strategically ventured into the realm of blockchain technology with its groundbreaking Falcon project. By introducing an open-source solution that seamlessly marries Kubernetes and Hyperledger Fabric, the NPCI is paving the way for accelerated innovation in blockchain-based payment solutions. Falcon’s potential to enhance developer experiences and simplify the intricate process of deploying blockchain networks could very well catalyze the broader adoption of distributed ledger technology in India’s financial landscape.