India has made fast progress in digital payments using UPI, mobile banking, and online transactions. However, problems like online fraud, fake accounts, slow settlement, and lack of transparency still exist. Block chain and crypto currency technologies can help solve these problems by providing a secure, transparent, and tamper-proof digital payment system. This paper proposes a block chain-based crypto currency framework for the Indian financial ecosystem. The system uses a permissioned block chain network, smart contracts, digital wallets, and built-in KYC and AML compliance. It ensures fast transactions, secure payments, and transparent audit records. The proposed system can be used in banking, government payments, MSME transactions, and cross-border remittances.
Thorat et al. (Sun,) studied this question.