Is A Blockchain Platform In The Works For India’s Central Bank?

A blockchain platform may be in the offing in India, courtesy of that nation’s central bank’s research arm.  As noted by Finextra, that platform could be among tech offerings that could debut directly from the central bank.

One glimpse into the timing of what might be coming down the pike comes from a report in the Hindu Business Times, where the director of the Institute for Development and Research in Banking Technology, AS Ranasastri, said at an awards event, that “We will be launching the platform very soon.”  The institute has also, according to the Times, filed patents tied to three technology offerings that touch on cloud computing, analytics and security.

The move by India to delve into blockchain technology also comes amid other nations” central banking agencies exploring blockchain in an effort to make settlements of payments a bit more secure and also a bit speedier.

The blockchain initiative in India also comes on the heels of an EY survey that projects the country will surpass China in early FinTech adoption.  The estimates from EY posit that China has an adoption rate of 69 percent, with India trailing at 52 percent. But as global adoption rates grow to 52 percent, India will have an adoption rate at 80 percent, outpacing China by three percentage points.