Blockchain is getting viral through RBI for Banking Solution till 2019

By ridhigrg |Email | Jul 5, 2019 | 8997 Views

  • Programs in Afghanistan will be rebuild through Blockchain Technology by UN
  • Apart from it RBI is also exploring the blockchain application platform for banking solution
  • Telcos to use the blockchain-based anti-spamming feature in a month.

Bitcoin and Blockchain Technology has been invented since a decade, and despite finding plenty of use-cases across segments, many applications have not gone beyond the PoC phase in a majority of the cases. Now, leading research and advisory firm Gartner has predicted that 90% of the current implementations of blockchain technology in the enterprise world will need to be replaced by 2021.

In contrast to the common perception where blockchain is being viewed as better and futuristic technology, Gartner forecasts a need to replace existing blockchain-based systems in order for forward-thinking organizations to remain cooperative and secure, some 18 months from now, as well as avoid their systems from becoming obsolete.

Meanwhile, India's RBI is exploring a new model platform to promote blockchain for banking solutions. Let us take a look at the other developments this week!

RBI Exploring Blockchain Application Platform For Banks
As part of Union Budget 2019, the government had promised to explore the use of blockchain technology proactively to help usher in a more secure digital future. Now the research wing of Reserve Bank of India has now said that it's working on developing blockchain model to cater to the needs of Indian banks.

The Institute for Development and Research in Banking Technology (IDRBT), under RBI, is working on a model platform for blockchain applications for the government in banking. It will be documented and developed next year, AS Ramasastri, Director, IDRBT said. The platform will list all available blockchain applications for vendors or banks with interoperability parameters, among other tools.

Telcos To Use Blockchain-Based Anti-Spamming Feature In A Month
It's been more than a year since TRAI, the Telecom Regulatory Authority of India published the draft of The Telecom Commercial Communications Customer Preference Regulations, 2018. The draft had explored the use of blockchain to curb pesky calls and text messages.

Trai Chairman R S Sharma has now stated that the mobile operators are in the final stages of putting into place the Trai system for curbing pesky telemarketing calls, and consumers will begin to experience the benefits of the new blockchain framework in a month, reported PTI.

Sharma also disclosed that the Trai plans to review the progress made by operators in this regard this week.

UN To Use Blockchain Technology In Afghanistan
Afghanistan has been one of the casualty nations of the cold war between Russia and the US, and was also a battleground for the joint forces to take on the Taliban terror outfits in the region. The UN since decades has been working on rehabilitation and rebuilding programs in the country. And, according to The Sociable report, the international body is now looking to implement blockchain technology for its rebuilding programme in Afghanistan.

  • The UN-OICT is developing an innovative cutting-edge solution using blockchain technology for supporting the Government of Afghanistan's efforts in ensuring systematic, transparent, and secured online Land Records management and affiliated services. Stephane Dujarric, Spokesperson for the UN Secretary-General
We will discuss another forecast to wind down this roundup. Zion Market Research published another 110+ pages of industry research -Blockchain Technology in Healthcare Market: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024. According to the report, the global blockchain market in healthcare is set to increase at a CAGR of 70.45%. The market is poised to reach $1.4 Bn by 2024.

Source: HOB