The Indian government approves the Bank's blockchain research


The Republic of India could give a more in-depth look at how it can use blockchain technology.

The Indian Trade Union Cabinet – an executive decision-making body composed of senior government officials led by Prime Minister Narendra Modi – said that it would allow the country's Export-Import Bank (Exim Bank) to conduct research on distributed register and blockchain technology in collaboration with the banks of the BRICS economic block, of which India is a member, together with Brazil, Russia, China and South Africa.

The approval is ex post, which means that Exim Bank has already signed a memorandum of understanding within the framework of the BRICS interbank cooperation mechanism, as reported by the company standard.

As such, research has already begun and is underway with the Banco Nacional de Desenvolvimento Economic and Social from Brazil, the China Development Bank, the Vnesheconombank from Russia and the Development Bank of South Africa, according to a statement.

In particular, banks "intend to improve the understanding of distributed ledger / blockchain technology, through joint research efforts to identify areas within their respective business operations where they could have the potential for applications to improve operational efficiency ", the Financial Express

Making operations in the financial sector more efficient is the hoped-for result of research, according to Express.

The move will also help promote the goal of India to develop a digital economy, according to the report.

Image of the flag of India via Shutterstock

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