Kul Bhushan · · 1 min readIndia’s central bank trials blockchain tech-based trade financing
The Reserve Bank of India (RBI), the country’s central bank, is running a pilot project that leverages blockchain technology for trade financing, reported The Economic Times.
One of the objectives of the project is to reduce financial fraud, such as tampering with documents related to letters of credit. It also aims to test the feasibility of using blockchain tech in the banking space.
The central bank has roped in HDFC Bank, ICICI Bank, and SBI, among others, for the pilot project. Global tech firms such as IBM, SettleMint, and Corda Technologies are also supporting the initiative.
Blockchain tech has received backing from India’s government for quite some time. In February, the country’s finance minister announced that the RBI would launch a blockchain-based digital currency next year.
See also: India’s young roll-ups may be in for a wake-up call
Editing by Miguel Cordon and Lorenzo Kyle Subido
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