The Institute for Development and Research in Banking Technology (IDRBT) in India has reportedly published a blockchain blueprint for its banking sector.
IDRBT was established by the Reserve Bank of India (RBI) in 1996 to conduct research and experiments in the field. According to Financial Express, IDRBT has been working with different stakeholders including the government, banks, and industry players to develop a suitable solution for a commonly compatible blockchain platform for various banking applications.
IDRBT’s blueprint itself presents a roadmap on how blockchain technology can be adopted in several areas, and establish protocols for its development.
R Gandhi, former Governor of the Royal Bank of India, was reported as saying that “the banking and financial sector is experiencing cyber risks more because of the increased use of rapidly evolving, sophisticated, and complex technologies, wide use of third-party vendors, increased use of mobile technologies by customers, including the rapid growth of the Internet of Things (IoT) and the heightened cross-border information security threats.”
Business Standard also describes the blueprint as having a built-in mechanism for regulatory supervision of the blockchain ecosystem, which IDRBT supposedly claims will contribute to mass adoption of the technology.
To date, the Indian government has not always been the most welcoming of crypto-related technologies. TheCryptoSight noted before that India is still mulling the possibility of a complete ban on crypto use. Just last year, RBI itself banned banks from having crypto business dealings.