The Reserve Bank of India’s research arm, The Institute for Development and Research in Banking Technology (IDRBT) is working to develop a model blockchain platform for banking, Hindu Business Line reported today.
According to IDRBT Director AS Ramasastri, the new platform is being designed to cater to banking needs, and will host various blockchain applications:
“We have been working on a model platform for blockchain applications for the government in banking. It will be documented and developed next year.”
Ramasastri also acknowledged blockchain applications’ potential benefits in a variety of areas but suggested that “a cautious approach is very much needed.” He noted that the financial industry has come to recognize the ways in which their industry is being reshaped by fintech competitors and are now moving to adapt to those changes and adopt some of those innovations.