The year began with India’s central bank RBI’s research arm, the Institute for Development & Research in Banking Technology (IDRBT) giving a green light to blockchain and publishing a report stating that it has successfully tested the blockchain technology for core banking processes in the country in a pilot and considers that now the right time for the technology’s wide adoption in India. And now, the research arm is all set to develop a model platform for blockchain technology of its own.
Announcing the big news at the recently held IDRBT banking technology awards, A. S. Ramasastri, Director, IDRBT, said, “We will be launching this platform very soon.” He further added, that the platform in works will be capable of carrying out various different applications related to banking.
Giving her view point on how the combination of technology and banking can be made a commercial success, Sudarshan Sen, Executive Director, RBI said that there is a need for RBI, IDRBT and fintech players to come together and work together for the success of such new technology platforms.
In the last couple of years, blockchain has come to acquire a unique status in the banking and financial industry. It is one of the most researched and talked about area, which has attracted many banking and fintech players to give it a try.
For the unversed, a blockchain is an anonymous online ledger that makes use of a data structure to make the process of transaction an easier and simpler process. It provides users the ability to manipulate the ledger in a safe way without seeking the support of a third party. In the past, we have covered various stories on how the technology is invading financial institutions like banks (Read Here) and electronic voting systems in several countries (Read Here), including India. In fact, not only banking and voting, Blockchain is also blurring the lines between technology and nature through a new species called Plantoid, a new digital plant, which is designed to reproduce itself via transactions made on the blockchain.
According to latest information made available by RBI’s research arm, it has already filed for three patents on technology solutions related to cyber security, cloud computing and analytics.