BitXLanka.Com- Sri Lanka Bitcoin & Crypto Currency Tracker logo BitXLanka.Com- Sri Lanka Bitcoin & Crypto Currency Tracker logo
Cryptoknowmics 2022-06-23 12:55:14

India’s Central Bank to Pilot Blockchain-Based Trade Financing: Report

India’s central bank, the Reserve Bank of India (RBI) is looking to run a blockchain-based pilot project centered on trade financing, alongside multiple top Indian banks. Top Indian Banks Team Up With RBI on Blockchain Pilot Project According to a report from the Economic Times, the Reserve Bank of India (RBI) has tapped top Indian banks including HDFC Bank, ICICI Bank, and State Bank of India to run a blockchain-based pilot project focused on trade financing. Other Indian banks such as Axis Bank, Bank of Baroda, and Union Bank of India are also involved. Dubbed ‘proof of concept’, the pilot project will implement blockchain technology to enhance the traceability of finances. It also aims to prevent the tampering of documents like Letters of Credits (LC) by issuing their digital versions. Digital documents could prevent frauds like the ones committed by Indian businessmen like Nirav Modi and Mehul Choksi, who siphoned off billions with fake documents. SettleMint, Corda, and IBM to Provide Tech Support Belgium-based SettleMint, US-based Corda Technologies, and IBM would provide technical support for the project driven by the central bank’s Innovation Hub in Bangalore. The objective behind the project is to make blockchain technology a part of the Core Banking System (CBS), according to the report. Interestingly, the Reserve Bank of India is likely to use the same technology for the proposed central bank digital currency project...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.