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For the Hindu festival of Holi, the Indian Railway Catering and Tourism Corporation (IRCTC) has introduced non-fungible tokens (nft) as tickets.
These NFTs will be issued to passengers of the newly launched semi-high-speed Tejas Express trains 82501 and 82502 traveling to Delhi from March 20 to April 2. This initiative aims to offer travelers a unique experience by integrating the traditional aspects of the festival with modern digital technology.
The Indian Railway Catering and Tourism Corporation (IRCTC) describes the introduction of nft notes as a tribute to the “cultural heritage” of Lucknow and Delhi. These tickets, far from being mere “digital souvenirs,” will display “elaborate sketches” that illuminate the rich history and vibrant culture of the cities. Leveraging blockchain technology allows these NFTs to be authenticated by both authorities and the public, thereby “guaranteeing authenticity” and bolstering the security of the ticketing process.
This initiative is part of a broader effort by Indian Railways to explore and implement blockchain technology in its operations. The collaboration with NFTtrace, a digitization platform, will enable the secure recording of ticket purchases on the Hyperledger blockchain. Smart contracts will be used to guarantee the traceability and authenticity of these digital banknotes.
While IRCTC has previewed the NFTs on its official X identifier, it is yet to confirm whether these digital tickets will be free for all ticket buyers or will incur an additional cost. The corporation has also hinted at possible offers from select brands and other benefits, the details of which have not yet been revealed.
The initiative has been praised by industry experts across the country. Sumit Gupta, co-founder of Indian crypto exchange CoinDCX, stated that this move is a great way to boost the adoption of virtual digital assets in India.
This is not IRCTC's first foray into the world of blockchain collectibles. Earlier this year, the IRCTC introduced nft tickets for trips to Ayodhya, branding them as valuable souvenirs rather than mere travel documents.
The adoption of nft for ticketing by Indian Railways could pave the way for widespread use of this technology as more than 1.2 million tickets are booked daily through IRCTC. This measure is also expected to mitigate common problems such as counterfeiting and lost banknotes.
This development comes amid the country's focus on the digital rupee, the country's central bank digital currency. Announced by the Reserve Bank of India (RBI) on February 8, the digital rupee is designed to be programmable and operable in offline environments, which is expected to improve the accessibility and utility of the digital currency across the world. country.
While the nation has kept cryptocurrencies on the sidelines, Indian investors will soon have the opportunity to interact with US spot bitcoin exchange-traded funds (ETFs) through Mudrex, a cryptocurrency investment platform based in California. Mudrex plans to field bids from BlackRock, Fidelity, Franklin Templeton and Vanguard in its initial phase, signaling a significant step towards integrating cryptocurrency investments into India's mainstream financial ecosystem.
