The Blockchain technology got off to a bad start in 2014 when the Reserve Bank of India (RBI) issued an advisory against the use of Bitcoin and any similar cryptocurrencies. As a result, the nascent Indian bitcoin ecosystem was left rattled and there was widespread confusion about how the remarks would actually impact mining and any gains incurred in operations.
By the end of 2015, however, the story had completely changed as the narrative shifted from Bitcoin to blockchain. The RBI issued a statement praising blockchain technology as being potentially transformational for collateral identification and payment systems, highlighting its utility for reducing counterfeiting. Recently, the RBI’s Deputy Governor asked banks to evaluate blockchain or risk being disrupted by it. While this hasn’t completely cleared the air on cryptocurrencies, the RBI singling out blockchain for mention is a green light for banks and banking technology companies to evaluate its application for their products and services.
In the report, we explore the varied and interesting facets of blockchain technology and its various potential uses and benefits in all of these areas. The report provides critical insight for regulators, bankers and anyone connected with the financial industry and Fintech.