[2015-10-26] ToI: Tech behind bitcoin can help check counterfeiting: RBI

[polynesia]

Tech behind bitcoin can help check counterfeiting: RBI

http://timesofindia.indiatimes.com/business/india-business/Tech-behind-bitcoin-can-help-checkcounterfeiting-RBI/articleshow/50329014.cms

"With its potential to fight counterfeiting, the 'blockchain' is likely to bring about a major transformation in the functioning of financial markets, collateral identification (land records for instance) and payments system," said the RBI. The central bank pointed out that the traditional system of record maintenance works on the basis of 'trust' and the 'regulatory' and 'controlling' power of central entities/counter parties. "As against this, the 'blockchain' technology is based on a shared, secured and public ledger system, which is not controlled by any single ('central') user and is maintained collectively by all the participants in the system based on a set of generally agreed and strictly applied rules," the RBI said.

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[btc_enigma]

Finally some positive news at the end of the year !! Nice.

[dashingriddler]

And that also means they are willing to go cashless. Good sign

[polynesia]

Finally some positive news at the end of the year !! Nice.

Some positive news, yes. This does show that they have an open mind.
It would be good if they issue some advisory/clarification (positive) on Bitcoin as well.