Indian Railway Catering and Tourism Corporation (IRCTC) has introduced non-fungible tokens (NFTs) as tickets for the Hindu festival of Holi.
These NFTs will be issued to passengers of the newly launched semi-fast Tejas Express trains 82501 and 82502 traveling to Delhi from March 20 to April 2. The initiative aims to provide travelers with a unique experience by integrating the traditional aspects of the festival with modern digital technologies.
The Indian Railway Catering and Tourism Corporation (IRCTC) describes the introduction of NFT tickets as a tribute to the “cultural heritage” of Lucknow and Delhi. These tickets will not be mere ‘digital souvenirs’ but will feature ‘elaborate sketches’ that highlight the city’s rich history and vibrant culture. Leveraging blockchain technology, these NFTs can be authenticated by both authorities and the public, “ensuring authenticity” and increasing the security of the ticketing process.
This initiative is part of the Indian Railways’ broader efforts to explore and implement blockchain technology in its operations. Our collaboration with digitization platform NFTtrace allows us to securely record ticket purchases on the Hyperledger blockchain. Smart contracts will be utilized to ensure the traceability and reliability of these digital tickets.
IRCTC has showcased a preview of the NFTs through its official The company has also hinted at potential offers and other benefits for some brands, but details are yet to be revealed.
The plan has been well received by industry experts across the country. Sumit Gupta, co-founder of Indian cryptocurrency exchange CoinDCX, said the move is a good way to drive adoption of virtual digital assets in India.
This is not IRCTC’s first foray into the world of blockchain collectibles. Earlier this year, IRCTC launched NFT tickets for travel to Ayodhya, branding it as a valuable souvenir rather than just a travel document.
Considering that more than 1.2 million tickets are booked through IRCTC every day, the adoption of NFTs for ticketing on Indian Railways could pave the way for widespread use of this technology. The move is also expected to alleviate common problems such as ticket counterfeiting and misplacement.
The development comes amid the country’s focus on the digital rupee, the country’s central bank digital currency. The digital rupee, announced by the Reserve Bank of India (RBI) on February 8, is designed to be programmable and operable in an offline environment, which is expected to improve the accessibility and usability of digital currency across India.
While the country is keeping cryptocurrencies aside, Indian investors will soon have the opportunity to participate in a US spot Bitcoin exchange-traded fund (ETF) through Mudrex, a California-based cryptocurrency investment platform. Mudrex plans to introduce products from BlackRock, Fidelity, Franklin Templeton and Vanguard at an early stage, marking a significant step in integrating cryptocurrency investments into India’s mainstream financial ecosystem.