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Cabinet okays EXIM's blockchain research with BRICS banks

IANS  |  New Delhi 

The on Wednesday approved a joint research on the distributed ledger and technology by (Exim Bank) with member-banks of Brazil, Russia, India, and (BRICS).

"(The Cabinet gave its) ...ex post facto approval for the Memorandum of Understanding (MoU) on collaborative research on distributed ledger and technology in the context of development of digital economy by Exim Bank," an official statement said.

is a digitised, decentralised ledger to record real-time transactions across borders. Distributed ledger is a database held and updated independently by each participant in a across multiple sites, institutions or geographies.

Exim Bank, which promotes India's international trade through competitive financing, will participate with member-banks under Interbank Cooperation Mechanism, a statement said.

The banks are Economico e Social (BNDES, of Brazil), Development Bank (CDB), for Development and (Vnesheconombank, Russia) and Development Bank of (DBSA).

"Distributed holds potential for solutions to various challenges faced in the financial sector by nations," it said.

The MoU aims for a better understanding of the technology through joint research. It will identify areas within respective business operations for to enhance the operational efficiencies, the statement said.

The Xiamen Declaration signed in on digital economy by the leaders had highlighted the importance of the digital economy and how the BRICS nations could leverage the thriving digital economy to boost global economic development.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, September 12 2018. 19:52 IST
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