India is set to roll out a new online security system to help prevent cyber attacks, which are becoming increasingly common and more sophisticated.
The new system will be in place for e‑wallets launched in July, which is expected to generate around Rs 1,200 crore in revenue for the government over the next five years, according to an announcement from the Indian government.
It is expected that the system will allow users to check the authenticity of transactions on the e-wallet and to control access to the system.
The e-payments will be encrypted, which will be made possible by the use of blockchain technology, a peer-to-peer digital ledger that enables transactions to be shared.
India will use a distributed ledger system called blockchain to create a digital wallet for users, which it will use to secure transactions, create an account and record payments.
India’s e-payment system has already been in use for some time.
The government will deploy the new system in several areas of government, including education, healthcare, the postal service, railways, and other areas, a senior official said.
India is also planning to launch a national online payment system.
The move will enable the government to focus on protecting India’s online ecosystem, as well as on helping it deal with the growing number of cyber attacks and cyber attacks on its infrastructure, the official said, declining to be identified as the official was not authorised to speak to the media.India’s e‑payment system is already in use, but its security is not widely known.
The Indian government said the new online system will help secure the payments made on e-waste, which can be stolen and sold online.