Blockchain To Drive IT Innovation In BFSI Sector: Arvind Chandrasekar

Despite the Reserve Bank of India’s restrictions on the use of cryptocurrency, Indians are increasingly becoming interested in learning more about the phenomenon, as well as the technology that goes into it.

Over the past decade, blockchain has become a foundational technology facilitating cutting edge innovation across industries in India. We have witnessed some truly revolutionary changes across the BFSI, telecom, healthcare, e-commerce and government sectors backed by blockchain. In fact, a recent report by PwC indicates that India will become a blockchain leader amongst the ranks of USA, China and Australia by 2023. Some of the key financial segments where blockchain has truly made an impact during the last year are in the banking, finance and digital payments areas.

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In January last year, Institute for Development and Research in Banking Technology (IDRBT) division of Reserve Bank of India (RBI) came out with a blueprint of blockchain platform for the banking sector. This was a significant move because there were no regulatory guidelines in place for adoption of blockchain technology by banks and financial institutions in India.

Source: Financial Express

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