Indian Central Bank’s Research Arm Explores Blockchain Applications

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Financial institutions worldwide are exploring the benefits promised by blockchain technology. The research is moving beyond the hypothetical stage to proof of concept and planning.

The Institute for Development and Research in Banking Technology (IDRBT) established by the Reserve Bank of India – India’s central bank – recently explored blockchain applicability to the Indian banking and financial industry by conducting a workshop with bankers, academicians, regulators and technology partners. The participants produced a white paper [PDF] detailing the areas of adoption in the financial sector in India. The Institute also attempted a proof-of-concept (PoC) on applying blockchain technology to trade finance with the participation of banks, National Payments Corporation of India (NPCI) and a solution provider.

Blockchain technology can allow all participants in a business network to share a system of records that provides consensus, immutability, provenance and finality around the transfer of assets within the network. The distributed ledgers can lead to new business models.

In banking and financial services, key transactions in the processes underpin asset ownership and value transfer. In order to settle

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