The implementation of the cash to the government of India, the central bank began to study the block chain technology
Block chain technology will lead India to cash?
In the India government to implement its controversial territory to cash plan at the same time, a group of researchers to the requirements of the central bank to block chain can help to achieve the goal of investigation.
The Reserve Bank of India (ReserveBankofIndia, RBI) in 1990s to set up a technology research and Development Bank (InstituteforDevelopmentandResearchinBankingTechnology, IDRBT). Last week, the Institute published the first important block chain (white paper related details including trade financing application testing).
In addition to the overall overview of block chain technology and its potential use in the structure of the banking industry in India, the white paper also pointed out that the current assessment of the national currency of India is how to achieve the best books distributed by RS digital timing.
The prime minister Narendra Modi (NarendraModi) led by the government of India for its start in early November the large bills to abolish the action has been widely criticized. Later, Modi has developed a two pronged plan: at the end of the month, he called on the people of India to accept digital currency; the government of India to amend the law, to assist the implementation of the plan.
Research on technology development bank that can help to achieve the goal of chain block.
The report highlights the successful case of Canada, the Bank of England and other countries.
The authors wrote:
“From a technical point of view, we believe that (block chain) are mature enough, stakeholders awareness is enough, therefore, now is the full digital India rupee the best time.”
The authors also suggest broader India banking sector to try other methods of experimental block chain technology.
First of all, the report suggested that banks consider the establishment of internal block chain network of their own, can help achieve training objectives, and as a test of the block chain technology means.
According to a report:
“The bank can establish an internal use of private block chain. This not only helps them block chain talent training, at the same time to ensure the efficient asset management and cross selling profit opportunities.”
Research on Technology Development Bank said further, based on this, banks can work in AML/KYC, a joint loan and trade finance field.
The authors added:
“In the banking and financial services (BFSI), to other areas favorable BCT application will include supply chain financing, bill discount, union account monitoring and task management system, security service.”
Footprint block chain technology in India
In view of the latest development of block chain technology, the research team will require more extensive use of block chain in India’s financial sector, it is perhaps not surprising.
Last summer, the Reserve Bank of India has called for the study area of domestic banks chain, research and development of banking technology cooperation in the development of possible applications.
Deputy governor of the Reserve Bank of India RamaGandhi in a speech on July that:
“Virtualization, cloud computing, block chain processing technology and information technology system has unlimited potential based on large-scale use. The bank can research and Development Bank Technical Cooperation, research and development testing and best use.”
In the middle of 2015, India’s central bank officials pointed out that digital currency can not only strengthen the anti money laundering efforts, can also improve financial inclusion, reduce payments friction.
Since then, many private stakeholders outside the financial institutions and banks started to explore the blockchain cases, using the technology of product development.
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