Banking tech institute proposes blueprint for blockchain platform in India

The institute has proposed a collaborative approach among all the stakeholders in a network while stressing on the need to evolve a codified set of rules for smooth operations and collaboration

The Institute for Development and Research in Banking Technology (IDRBT) of Reserve Bank of India (RBI) has come out with a blueprint of Blockchain Platform for the banking sector. 

The blueprint has suggested broad roadmap on adoption of the new technology in various business and organisational functions along with common protocols to ensure interoperability among different entities as there were no regulatory guidelines in place for adoption of Blockchain technology by banks and financial institutions in India as yet.

The institute has proposed a collaborative approach among all the stakeholders in a network while stressing on the need to evolve