Reserve Bank of India’s Research Arm Plans Blockchain Platformbr>
The Institute for Development and Research in Banking Technology (IDRBT), a research group founded by India’s Royal Bank of India (RBI) central bank, is planning to develop its own blockchain platform, the Hindu Business Line reported.
IDRBT, founded in the 1990s by the Reserve Bank of India (RBI), is looking to create a range of banking-related services on top of blockchain technology. The project was announced by IDRBT director A. S. Ramasastri during a technology awards event in India.
The blockchain platform could be the first of many new tech offerings from the Indian Central Bank. The research group has also filed for three patents on technology solutions related to cyber security, cloud computing, and analytics.
RBI executive director Sudarshan Sen said the central bank, IDRBT, and FinTech players could work together for commercial success of new technology platforms.
Earlier this year, IDRBT completed the first end-to-end test of blochchain technology in a project involving regulators, banks, financial institutions, and clearing houses. IDRBT conducted the project using the blockchain in a trade application with banks and the National Payments Corporation of India (NPCI).