Blockchain is a type of distributed ledger or decentralised database that keep records of digital transactions
The Institute for Development and Research in Banking Technology (IDRBT), an arm of the Reserve Bank of India, is developing a model platform for blockchain technology.
AS Ramasastri, Director, IDRBT, said the platform will be suitable for different applications relevant to banking. “We will be launching this platform very soon,” he said at the IDRBT Banking Technology awards function here on Friday,
Sudarshan Sen, Executive Director, RBI, said the central bank, IDRBT and fintech players could work together for commercial success of new technology platforms.
Of late, blockchian is the most talked of and researched area in the banking and financial sector globally.
It’s a type of distributed ledger or decentralised database that keeps records of digital transactions. People generally use a trusted third-party like a bank to make a transaction. But blockchain removes the need for a third-party by directly connecting the customers and suppliers on the same platform.
IDRBT has also filed for three patents on technology solutions related to cyber security, cloud computing and analytics.