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RBI’s R&D institute to launch blockchain platform for banking applications

The Reserve Bank of India’s research arm, the Institute for Development and Research in Banking Technology (IDRBT), is planning to launch a blockchain-based platform, The Hindu Business Line reported.

The platform is currently being developed. Speaking at an awards function last week, AS Ramasastri, Director, IDRBT, said the platform will be suitable for different banking-related applications.

“We will be launching this platform very soon,” he said.

RBI executive director Sudarshan Sen said that the central bank, IDRBT, and fintech players could work together for commercial success of new technology platforms.

Earlier this year, the IDRBT attempted a Proof-of-Concept (PoC) on the applicability of blockchain technology to a trade finance application. It also organized a workshop on blockchain technology aiming to prepare a white paper on implementation of the technology in the areas of banking and finance in India.

The institute released the white paper titled, “Application of Blockchain Technology to Banking and Financial Sector in India”. It also outlined a prospective roadmap for the adoption of blockchain technology to banking and finance in India.

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