Block Chain technology was developed to underpin digital currency bitcoin, which has been adapted by most of the financial institutions worldwide. With no central ledger, Block chain is considered as most efficient technology against cyber fraud that allows transactions to be verified electronically over a network of computers.

New Delhi (Sputnik) — India plans to embrace the Block Chain technology because of heightened hacker interest in its financial institutions. India's southern state of Andhra Pradesh will be the first in Asia to introduce the Block Chain Technology Institute on December 17.

Government officials believe that the technology will provides security to large data base and bring awareness about a fool proof system to protect data bases. Students will be trained at the Institute to meet the local requirements as there was a shortage of specialists in Block Chain Technologies.

Sources told Sputnik that Indian government was in talks with Belgium and South Korea to adapt a suitable digital platform for financial transactions as Modi's government was on war footing mode to change the spending behavior of millions Indian into less cash transactions.

According to the Reserve Bank of India, the Indian financial systems witnessed 16,468 financial frauds related to ATM/Credit and Debit cards last year. Indians have lost $12 million in such cases. Between April and June this year, Indians have lost more than $3 million in 3,200 financial fraud cases.

Recently, FireEye, a US-based cyber security company, had claimed that a phishing attack in October led to cyber criminals making away with personal information stored by many Indian banks including HDFC, ICICI, IDBI and State Bank of India.