India is gearing up to launch a global block chain that would serve as a global ledger for the economy and financial system.
Astral Chain, a new digital currency designed to scale across different blockchains, aims to provide a new way of paying for services.
It will be a blockchain, a data store, that will serve as the backbone of a new global system of payments and commerce.
The goal of the blockchain is to build a secure ledger for financial transactions and to replace a centralized financial system with a decentralized system that can be used by anyone, said Aditya Gopalan, chief executive of AstralChain.
The new system will be open to all participating governments and companies, as well as the private sector.
Astral Chains developers plan to create a blockchain ecosystem that can run on the same computers as the blockchain itself, said Gopalean.
The block chain is designed to be distributed, with each block having a unique ID, so that each new block can only be identified by the hash of the previous block, he said.
The Astral chain, which was developed by a consortium of leading technology companies, is set to be launched in India on May 31, said Gurudaswamy Kumar, the country’s deputy chief economic advisor, who is leading the project.