India's central bank plans blockchain platform

India's central bank plans blockchain platform

The R&D unit of the Reserve Bank of India is preparing to launch a banking platform based on blockchain technology.

The Institute for Development and Research in Banking Technology (IDRBT) director AS Ramasastri announced at a recent awardes event that "we will be launching the platform very soon", in comments reported by the Hindu Business Times. 

The blockchain platform could be the first of many new tech offerings from the central bank. The paper also reports that the IDRBT has filed for three patents on technology solutions related to cyber security, cloud computing and analytics. 

The announcement comes at a time when many central banks are exploring the potential of blockchain technology, including its use as banking infrastructure and for settling payments securely and more cost-effectively. 

It also follows the publication of a recent survey from EY that forecasts India will overtake China as the leading adopter of fintech services. The report, the EY Fintech Adoption Index 2017, places China at the top of its list with an adoption rate of 69% compared to second-placed India at 52% but it goers on to suggest that as global adoption increases to a rate of 52%, India's share of the adoption will increase to 80% compared to China's 77%. 

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