Internet of Value: Internet 2.0

07 सितम्बर 2020

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Internet in its current phase, has revolutionised almost all businesses across geographies. However, the current phase, ‘Internet of Information’ focuses solely on information exchange in the form of documents, images and videos.

Although information moves around the world instantly, a single payment from one country to another is still slow and expensive. In the US, a typical international payment takes 3-5 days to settle, has an error rate of at least 5% and an average cost of $42. Worldwide, there are $180 trillion worth of cross-border payments made every year, with a combined cost of more than $1.7 trillion a year.

With the emergence of blockchain, a new phase of internet called ‘Internet of Value’ has emerged. Internet of Value is underpinned by blockchain, which is the evolutionary technology that supports digital currency. With Internet of Value, a transaction such as a foreign currency payment can happen instantly, just as how people have been sharing information online for decades. Internet of Value can also enable the exchange of any asset that is of value, including stocks, frequent flyer points, securities, intellectual property, music, scientific discoveries etc.

Multiple startups have started working on this front. Fusion is an innovative blockchain solution created to bridge the interoperability gap between different blockchains through cross-chain transactions. It also has the potential to create off-chain transactions as the inevitability of a value-driven economy becomes more pronounced.

Similarly, Wanchain offers a unique solution for overcoming the limitations on cross-chain transactions through mass-market adoption of blockchain technology. It is developing a new distributed financial infrastructure that will connect the world’s digital assets. In order to facilitate the digitization of assets, Wanchain has built an internal private blockchain through which users can build smart contracts for a practical transfer of value.

Currently, there are various blockchain-based platforms which are not compatible with each other. Hence, assets on these platforms can’t be freely exchanged. For the internet of value to become a reality, uniform industry standards must be adopted in order to homogenize the world’s different financial systems.

We believe that this process of standardization can have a transformative impact on businesses in today’s world. This impact can be as instrumental as globalization efforts in 1950s or standardization of web protocols in the 1980s.

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FIVE KEY BENEFITS OF FASTAG

FASTAg is an electronic card or tag that you can affix to your vehicle's windscreen. It has been created using Radio Frequency Identification (RFID) technology. The card is encrypted and contains your vehicle details such as vehicle size and class, as well as your vehicle registration number. You can apply for the card online on the NETC website and buy it through issuing banks like the Bank of Baroda for just Rs. 200*. You can then recharge the card and pay your toll electronically or digitally. The unique FASTag features and benefits make passing through toll plazas breezy and convenient. Let's find out what they are.
FASTag Benefits
There are five key benefits of FASTag. They are as under:
1. No need to carry cash
While at a toll plaza, you'll have noticed that passengers ahead of you tend to take their time to pay their toll in cash. In most cases, the toll-collector asks you to provide exact change. But with FASTAG, there is no need to carry cash as the toll amount is deducted electronically.
2. It serves as a time saver
The most prominent of all FASTag benefits is that it serves as a time-saver. You can avoid toll queues and breeze through the gates without wating to tender exact change. Also, there are dedicated lanes for FASTag users, ensuring smoother flow.
3. No need to stop to pay toll
Another benefit of FASTag is that you can pay the toll tax while your vehicle can keep moving. Since you would have affixed the tag on your windscreen, the toll amount is automatically deducted without you having to stop to pay the toll. You only need to slow down so that the NETC system can read your tag. The toll gate opens instantly after your card is scanned.
4. You get SMS alerts
As mentioned above, the FASTag is a rechargeable tag. When you pay the toll electronically, you get an SMS from the NETC acknowledging the receipt of the toll tax. Your bank also sends you an SMS notifying you about the amount debited and the remaining amount in the card. This way, you can know when to recharge the card.
5. FASTag can be recharged anytime
A crucial FASTag feature is that you can recharge it anytime, from anywhere. So, if you're going on a long road trip, where you have to stop at multiple toll booths, you can park your vehicle on the side of the road and recharge the FASTag using your internet-enabled smartphone and your bank's mobile app or bank cards.
Final note: There are several benefits of FASTag. You can apply for your FASTag on the NETC website and buy and recharge it through your bank's website/ UPI/ Bank’s Mobile Banking/ BBPS Mode. Note that FASTags are currently available only for four and multi-axle vehicles. Also, if you have multiple vehicles, you need to purchase a separate tag for each vehicle.

Introduction to FASTag – What Is It and How Does It Work

India is a country that is developing at a rapid pace. The Government of India is taking several steps to ensure that the citizens of the country get access to several facilities and amenities to make our lives easy. To ensure smoother flow of traffic, the National Highway Authority of India (NHAI) has come up with a way to manage congestion, especially on state and national highways through a system known as FASTag. Let’s find out what FASTag is and how it works.
From 15th February 2021, the Ministry of Road Transport and Highways has mandated the Payment of toll payments at the toll plazas through FASTag. Also in coming days there are more use cases wherein the FASTag will be used.
What is FASTag card?
A FASTag card is an RFID (Radio Frequency Identification) technology-enabled card that allows drivers on India’s national and state highways to pay their toll tax electronically at the toll booth. The RFID technology encrypted into the FASTag card enables drivers to pay the highway toll while their vehicle is in motion. The NHAI launched the FASTag facility under the National Electronic Toll Collection (NETC) programme.
The FASTag card is currently provided only to owners or drivers of four-wheeler and multi-axle vehicles. Vehicle owners need to affix the tag on their vehicle’s windscreen. They can recharge the card as per requirement using any mode like Credit Card, Debit Card, Internet Banking, UPI, Bank’s Mobile Banking application and BBPS.
How does FASTag work?
Having explained the meaning of FASTag, let’s understand how it works. The working of FASTag involves four simple steps, as under:
The toll system captures your FASTag information
When your vehicle passes through an Electronic Toll Collection (ETC) lane, the system at the toll plaza captures your FASTag data as encrypted in the tag affixed on your vehicle’s windscreen. The basic details encrypted in this electronic card include the tag ID, vehicle registration number, vehicle size, etc., which are then sent to the acquiring bank for processing.
FASTag is monitored and validated
The acquiring bank sends the NETC Mapper a request to monitor and validate the tag details. The Mapper responds with necessary details including the status of your tag, the vehicle class and VRN, etc. If the Mapper fails to register your FASTag it sends a message saying ‘TAG ID not registered’. In such a case, you have to pay your toll tax in cash.
The toll tax is calculated
After the NETC mapper validates your vehicle details, the acquirer host calculates the toll tax you have to pay by sending a debit request to the NETC mapper. The debit request is forwarded to your issuing bank, and the amount is debited from your FASTag-linked bank account.
The tag holder is notified about the transaction
You will now receive an SMS notification confirming the payment of the toll tax. The notification is also sent to the central NETC system by the issuer host. These alerts indicate that the toll has been paid, after which the gate opens automatically, allowing you to continue on your journey.
All of these steps happen instantly.
Final note: Now that you know what FASTag is and how it works, you should consider installing it in your car and enjoy the convenience of quick commuting and travel

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