The Institute for Development and Research in Banking Technology (IDRBT), an arm of the Reserve Bank of India, is in the process of developing a model block chain technology.
“We are working on a model block chain platform on which any kind of application can be built,” the Institute’s Director A.S. Ramasastri said at the 13th IDRBT Banking Technology Excellence Awards here on Friday.
A much-talked-about technology in the world of banking and finance, block chain pertains to a concept of distributed ledgers and thus provides a lot of flexibility in terms of financial transactions. Block chain is also the technology behind bitcoins.
Mr. Ramasastri mentioned the work under way at the institute while pointing to the emphasis of IDRBT on strengthening its research centre.
The institute, he added, was focused the on emerging fields and had filed three patents in the areas of cyber security, cloud computing and analytics.
The RBI Executive Directors, S. Ganesh Kumar and Sudarshan Sen, presented the technology excellence awards. A handbook on Information Security Operations Centre , a booklet of FAQs on Cloud Adoption for Indian Banks and a publication on ‘Banking Technology in India: Present Status and Future Trends’ as well as a new version of SFMS (Structured Financial Messaging System) were launched on the occasion.
