[2017-01-16] ET: RBI arm tests tech behind Bitcoin

[polynesia]

RBI arm tests tech behind Bitcoin

http://economictimes.indiatimes.com/articleshow/56588911.cms

In a boost to use of blockchain technology in banking, the RBI’s research arm has completed the first ever end-to-end test of the technology behind Bitcoin in a project involving regulators, banks, financial institutions and clearing houses. The RBI’s arm, Institute for Development and Research in Banking Technology (IDRBT), conducted the project using the technology behind Bitcoin in a trade application with banks and the National Payments Corporation of India (NPCI) participating too.

Blockchain is a public ledger that enables historical recording of all transactions that has occurred in a network in a way that it cannot be altered. Following the project, IDRBT last week released a white paper titled, ‘Applications of blockchain technology to banking and financial sector in India’. In a foreword to the white paper, RBI deputy governor R Gandhi said that the banking industry world over was looking at the technology, which has the potential to disrupt financial business applications.

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[nizamcc]

Finally, great news starting to come up with this New Year.
We are going to see something positive happening in the world of bitcoins if it also gets accepted with blockchain technology, at least blockchain is now being focused on. This is great, at least a beginning has taken place in India and may also give boost to Bitcoins' usage in India, still I hope that bitcoins don't get regulated.