It’s Time for India’s Blockchain Digital Currency, Affirms RBI’s Research Arm

With the changing time it is inevitable to stop the surge of Blockchain. Reserve Bank of India’s research arm IDRBT has affirmed that time has come to introduce a Blockchain digital currency for India.

Future Lies with the Blockchain

There’s no denying that the future lies with Blockchain that has now been reluctantly accepted by the mainstream parties. India that had not accepted the cryptocurrency earlier has now been showing interest in it. RBI’s research arm known as the Institute for Development & Research in Banking Technology (IDRBT) has affirmed Blockchain.

The team has tested Blockchain with the core banking process in India and have noted that the Blockchain technology has matured enough to be the core technology that can digitize the Indian Rupee. The team termed the Blockchain technology as a disruptive technology.

Considering all the aspects of Blockchain, IDRBT experts said that the time is right for India to adopt it. The Blockchain technology is decentralized model of transaction where each transaction is verified without the need of a centralized authority unlike the normal Indian banks.

“From a technological perspective, we feel that BCT has matured enough and there is sufficient awareness among the stakeholders which makes this an appropriate time for initiating suitable efforts towards digitizing the Indian rupee through BCT.”

Advantages of Blockchain Based Digital Currency in India

Blockchain technology is quite safe and reliable plus it doesn’t allows rewriting of records. It is peer to peer transaction and doesn’t requires any third party in between to either verify the transaction or deal with any of the issues. The most important point here is that it is decentralizing technology completely different from present day banking system.

Forget Bitcoin, here is IMFcoin:

Christine Lagarde, the managing director of International Monetary Fund recently said that they may soon come up with their own cryptocurrency known as the IMFcoin. She put a question mark whether the Special Drawing Rights or SDRs can replace the ongoing international currencies. SDRs are a type of artificial currency whose value depends on other currencies. It is expected that if that happens then SDR may come up with a type of cryptocurrency may be known as the IMFcoin.

State Bank of India also Joins In

Indian’s biggest lending bank SBI will now use blockchain enabled smart contracts to maintain a contracts between two parties. Smart contracts will use blockchain in order to have transparent transactions which can be traced and are irreversible. Following this, Bankchain, which is a group of 27 banks led by SBI will launch blockchain enabled KYC.

Many of the countries and their banking firms have already welcomed the Blockchain. It is time for India to start thinking about the future with Blockchain. It is promising and can deliver a lot