The Open Network for Digital Commerce (ONDC) is a blockchain-based platform that aims to provide a decentralized infrastructure for digital commerce. It is being developed by the Ministry of Electronics and Information Technology (MeitY) in India.
The ONDC is designed to provide a common platform for various stakeholders in the digital commerce ecosystem, such as buyers, sellers, logistics providers, and payment providers. It will facilitate the secure exchange of data and transactions between these stakeholders, without the need for intermediaries such as banks or payment gateways.
The platform will be based on blockchain technology, which is a distributed ledger that records transactions in a secure and transparent manner. This technology will enable the ONDC to provide a tamper-proof and immutable record of all transactions, which can be verified by all stakeholders in real-time.
The ONDC is expected to benefit the digital commerce ecosystem in several ways. It will enable small and medium-sized enterprises (SMEs) to participate in the digital economy by providing them with a low-cost and secure platform to sell their products and services. It will also provide consumers with a wider choice of products and services, and enable them to transact securely and conveniently.
Overall, the ONDC is a promising initiative that has the potential to revolutionize the digital commerce ecosystem in India by providing a secure and decentralized platform for all stakeholders.
Public Source: https://ondc.org/about-ondc/
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