The Indian Institute for Development and Research in Banking Technology has issued a layout for the implementation of blockchain technology in the banking sector.

The organization has aligned with the Government of India, banks and other industry experts to develop an interoperable blockchain platform that will help banks interact with each other over a decentralized platform. The layout has also stated the regulatory supervision of the blockchain ecosystem that is aimed at boosting the mass adoption of the technology.

R Gandhi, former RBI Deputy Governor, has commented that the advancement of sophisticated technologies and mobile platforms has increased the risk of data theft and pose a huge risk in the banking sector. The adoption of a decentralized ecosystem is expected to solve such cybersecurity issues.