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Reserve Bank of India completes testing blockchain solutions for banking system

Institute for Development and Research in Banking Technology (IDRBT) reported on the successful completion of testing blockchain solution developed for the local banking system. CryptocoinNews writes about it.

IDRBT's report, entitled "Application of blockchain technology in the banking and financial sector of India," describes the studies that were carried out over the past two years by a small group of developers. At the same time scientists, banks and technology partners were involved in an advisory capacity.

The result of the work became an application for the implementation of documentary operations, both by the embedded controller, and commercial banks.

"Understanding all aspects of technology, including its foundations, the benefits of implementing and a plurality of applications, we believe that now is the best time to adapt blockchain in India," the director of Research Unit Dr. A.S. Ramasamtri said.

Recall that in December last year, the Ministry of Human Resource Development of India (HRD) has launched a campaign aimed at raising youth's awareness of digital currencies. At the same time, Finance Minister of India said that the digital currency – this is a new norm that society must accept.

Source: forklog

  • January 9, 2017 2:55 PM MSK