According to a recent whitepaper Applications Of Blockchain To Banking And Financial Sector In India released by the Institute for Development and Research in Banking Technology (IDRBT), an arm of the Reserve Bank of India (RBI) – the advantages of Blockchain implementation in banking and finance includes cost savings, efficiency and transparency – and there are plans for implementation of Blockchain in the financial industry in India.
R. Ghandi Deputy Governor, Reserve Bank of India Chairman, IDRBT writes:
During recent years, banking industry across the globe is closely observing the developments in one such disruptive innovation viz., the Blockchain technology (BCT). BCT provides tamper-evident recording of the linked transaction history in a distributed network, and has the potential to disrupt the financial business applications. Sound theoretical underpinnings of BCT such as fault-tolerant distributed computing and consensus have been studied for the past two decades.
The nature of BCT addresses risks and inefficiencies in multi-party systems, and that is where its benefits will be most widely received. Applications of BCT for encoding economic signals have been in vogue for the past decade and the claims that it may be useful for digitizing currency are being studied.
Smart-contracts are an advanced application of BCT that can encode complex business workflows for enforcing their conformance, and enhances efficiency through event triggered mechanisms.
Several BCT platforms provide the necessary features to encode smart-contracts in a simple and efficient manner. IDRBT has taken the initiative of exploring the applicability of BCT to the Indian Banking and Financial Industry by conducting a workshop involving all the stakeholders such as the academicians, bankers, regulators and technology partners.
In the process, the participants of the workshop came together to bring out this White Paper detailing the technology, concerns, global experiences and possible areas of adoption in the financial sector in India. The Institute has also attempted a Proof-of-Concept (PoC) on the applicability of BCT to a trade finance application with active participation of NPCI, banks and solution provider, the details of which are presented in the White Paper. I congratulate IDRBT for the timely initiative and trust that the White Paper provides the necessary impetus towards accelerating the adoption of this innovative technology. All members of the Working Group deserve compliments for their inputs and efforts.
The working group included experts from the central bank, IBA, NPCI, CCIL, ISI, State Bank of India, Punjab National Bank, Bank of Baroda, ICICI Bank, HDFC Bank, Axis Bank, Citi Bank, Deutsche Bank, Infosys, TCS, IBM Research, Deloitte and MonetaGo.
- Spotify acquires Blockchain Startup Mediachain Labs - April 29, 2017
- Trusted Identities in Blockchain Apps Shown to Work To Benefit Healthcare and Pharma - April 28, 2017
- Ten More Banks Join Ripple’s Global Payments Network - April 28, 2017
- Token.FM, First Blockchain-Based Direct-to-Fan Music Platform, to Launch Initial Trial in May, Opens Series A Round - April 28, 2017
- Mysterium To Build Blockchain-based VPN for Secure, Anonymous Internet Connection - April 28, 2017
- TaaS token crowdsale concludes with $7.7 million raised - April 28, 2017
- Humaniq Humanitarian Blockchain ICO breaks the $5 million barrier - April 28, 2017
- Exscudo, Blockchain Financial Services Provider Launches ICO - April 27, 2017
- Kibo Platforms’ Beta Version Be Launched in the Beginning of May - April 25, 2017
- Distributed Cloud Platform iEx.ec attracts $12M in Three Hours in ICO - April 25, 2017
- Cryptocurrency Working Group – Distributed Ledger Technology (DLT) – The Way Forward - April 25, 2017
- Blockchain App Humaniq’s HMQ Token to be Traded on Six Exchanges - April 24, 2017
- Five days left until Blockchain Startup Exscudo ICO - April 21, 2017
- Apptrade to Reward Crowdsale Participants with Three Percent Bonus - April 21, 2017
- Blockchain Technology Startup Humaniq Raises $3.8M and Signs Contract With Deloitte - April 21, 2017
- Monolith Studio Announces Crowdsale for TokenCard, the First Debit Card Powered by Smart Contracts - April 20, 2017
- Blockchain Co. SingularDTV Recruits Hollywood VP - April 18, 2017
- Factom Closes Extended Series A Round of $8 Million Following Harmony Product Launch - April 18, 2017
- Interview with Back to Earth founder Clay Space - April 18, 2017
- Ethereum Movie Initial Coin Offering Sell Out - April 18, 2017
- Insurtech Startup Etherisc Wins “Blockchain Oscar” for Innovative Insurance Platform - April 14, 2017
- India’s Blockchain Community Launches Digital Asset and Blockchain Foundation - April 14, 2017
- UK EPSRC Supports Seven Blockchain Projects with £3.6 Million - April 14, 2017
- Dutch National Blockchain Coalition Presents Action Agenda - April 14, 2017
- Broadridge, J.P. Morgan, Northern Trust and Banco Santander Successfully Complete Pilot of for Blockchain Voting - April 14, 2017
- Blockgeeks Labs to Hold Blockchain Hackathon in Toronto - April 14, 2017
- Exscudo network EON coins are available for pre-order - April 13, 2017
- One of Big Four accounting firms is now legal adviser of Exscudo - April 12, 2017
- Dash Cryptocurrency Signs on with Kraken - April 12, 2017
- Blockchain Capital Closes ICO – $10 Million in Six Hours Raised in Record Time - April 11, 2017
- Ethereum meets Hyperledger – Burrow Ethereum Smart Contract Machine to Join Hyperledger - April 11, 2017
- Porsche Announces First Blockchain Contest - April 10, 2017
- Fidelity Labs Joins IC3 Blockchain Group - April 10, 2017
- Global Graphchain Project FERMAT Announces Distributed Governance Model Featuring Contribution Contracts - April 10, 2017
- Coinsilium and Oraclize sign MoU to form Strategic Alliance - April 10, 2017
- Industry Thought Leaders Invest With Blockchain Capital in its Ground-Breaking ICO - April 8, 2017
- Novus To Launch Innovative Blockchain Advanced File Index System - April 5, 2017
- Lykke Announces OEM Services – Lykke Accelerator - April 5, 2017
- BitHub.Africa Announces ICO Campaign to Foster Region’s Cryptocurrency Ecosystem - April 5, 2017
- SibCoin: Siberia Down, China to Go - April 4, 2017
- Groundbreaking Blockchain Research to Feature at International Financial Cryptography Conference - April 4, 2017
- Exscudo, The Nextgen Financial System, Announces ICO - April 4, 2017
- A Film by Manuel Stagars – The Blockchain And Us Video Documentary – Released in Full - April 4, 2017
- Genpact Harnesses Blockchain Technology to Transform F&A Operations to Improve Cash Flow and Enhance Customer Experience - April 4, 2017
- Blockchain Startup TaaS Partners With Exchange Platforms - April 4, 2017
- Synereo announces Qrator – The First Attention Economy App - April 4, 2017
- Blockchain Capital Releases Offering Memorandum for Its $10 Million Digital Token Offering - April 4, 2017
- Lykke Announces Availability of Blockchain Startup ChronoBank TIME Token - April 3, 2017
- Blockchain Workspace Launches Blockchain Education Company in Amsterdam, Netherlands - April 3, 2017
- Blockchain Startup SingularDTV Goes Hollywood - April 1, 2017