In a bid to ensure optimum efficiency in banking, the Institute for Development and Research in Banking Technology (IDRBT), an arm of the Reserve Bank of India (RBI), is creating a model platform for blockchain technology.
“The platform will be suitable for different applications relevant to banking. We will be launching this platform very soon,” said A. S. Ramasastri, Director, IDRBT, at the IDRBT banking technology awards function held in Hyderabad.
“IDRBT and fintech players could work together for the commercial success of new technology platforms,” said Sudarshan Sen, Executive Director, RBI.
Lately, blockchain technology has surfaced as the much-publicised and researched topic in the banking and financial domain. It enables tamper-evident documentation of synced transaction history in a distributed network and has shown extreme calibre.
It is the world’s leading software platform for handling digital assets. The technology is programmed to record not just the financial transactions but it also deals with virtually everything of value.
In addition to this, IDRBT has also filed for three patents on technology solutions pertaining to cyber security, cloud computing and analytics.