RBI Calls on Indian Banks to Explore Blockchain
Though governments and banks may be wary of Bitcoin and its application, the technology behind the crypto-currency—blockchain—is what has attracted attention of many. In India, three private sector banks—ICICI, Yes and Axis—have already instituted the technology for domestic financing, intra-bank transactions and cross border remittances, with many more vying potential uses for the technology. But, now blockchain is expected to get a much-needed push, which may make it one of the primary platforms in the country. The central bank’s research arm, Institute for Development and Research in Banking Technology, has released a White Paper saying that the technology has matured enough to be considered for various uses across the spectrum. Moreover, the research also showcases a proof-of-conce...