The government of India has approved a bank blockchain technology research. Currently, Indian government is taking a deep look on how it can use blockchain technology to improve its banking sector.
An executive body led by Indian Prime Minister Narendra Modi – said it would allow the nation’s Export-Import Bank (Exim Bank) to conduct research on distributed ledger and blockchain technology in partnership with banks in the BRICS economic bloc, of which India is a member, alongside Brazil, Russia, China and South Africa.
The approval is retroactive, meaning that Exim Bank has already signed a Memorandum of Understanding under the BRICS Interbank Cooperation Mechanism, according to a report from Business Standard.
The research has already started, and is being conducted with the Banco Nacional de Desenvolvimento Economico e Social from Brazil, the China Development Bank, Vnesheconombank from Russia and the Development Bank of South Africa.
Financial Express reported that: the banks involved in this research project “intend to enhance understanding of distributed ledger/blockchain technology, through the joint research efforts to identify areas within respective business operations where it may have the potential for applications aimed at enhancing the operational efficiencies,”
What’s your opinion on the bank blockchain technology research?