What is blockchain and can it help avert PNB-like frauds in India?

The Indian Banks' Association has suggested the use of blockchain to monitor financial transactions of a borrower financed by a consortium of banks to prevent fund diversion

How is accounting done in banks at the moment?

Who owes what to whom has been kept track of by double-entry book-keeping for centuries. Under this method, separate ledgers are kept which keeps a record of all credits and debits. The entire accounting world is based on this methodology. But then only you and the party with whom you entered into a transaction gets to know of this.

How will blockchain change all this?

Blockchain is a completely decentralised ledger; all transactions can be viewed by the public. Once a transaction is detailed, it remains there for good and can’t