In the month of August 2018, it was reported that India’s central bank, Reserve bank of India had now set up a unit to supervise, oversee its efforts in some of the latest emerging technologies which even includes the blockchain, cryptocurrency, and AI. Moreover, RBI as of now denied the report later point of time. But in the month of April, it was revealed that the NPCI which was incorporated by the RBI, is also working on to develop a highly scalable blockchain based payment solution to even further strengthen digital payment in the country.
Now, in recent news of this, Institute for Developing and Research in Banking Technology, which is an arm of RBI that exclusively focus on banking technology, is working on the development of a model blockchain platform to cater the needs of the banks.
The upcoming blockchain platform will also put up all the available blockchain applications with features like the inter-portability and others.
“While there is huge scope for deployment of blockchain applications, a cautious approach is very much needed,” said Ramasastri, pointing at the current situation where despite the fact that banks and financial institutions are doing referring to blockchain technology already but the real deployment of blockchain applications has not been attempted so far.