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Cryptocurrencies

Reserve Bank of India body to test blockchain technology

Friday 6 January 2017 | 02:42 PM CET

Institute for Development and Research in Banking Technology (IDRBT), an arm of Reserve Bank of India, is set to test blockchain technology to support framework for digital transactions.

The institute has come up with a white paper titled ‘Applications of Blockchain Technology to Banking and Financial Sector in India’ and in order to prepare it, IDRBT took inputs and aid from IT companies such as Infosys, TCS, and IBM Research and roped in private and public sector banks, National Payments Corporation of India (NPCI).

Post the demonetization in India, the government is promoting digital banking transactions and the IDRBT will be working with volunteering banks in order to build applications for the banking sector. The institute also plans to build a small digital currency model using blockchain technology and soon will roll-out pilots to develop applications for banks to adopt blockchain.

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