Three private banks in India. ICICI, yes and Axix have already instituted blockchain technology for domestic financing, intra-bank transactions and cross-border remittances.Institute for Development and Research in Banking Technology, RBI’s research arm has released a White Paper saying that this technology has matured enough to be considered for various uses.

As we know blockchain or distributed-ledger technology is more like a shared Google spreadsheet. All transactions are visible to anybody on the platform, but only those with requisite authorisation can make changes to it. It can be used to institute contracts and making payment. The major drawback is the inability to interlink different players.

It is advisable that instead of individual banks creating its own set of systems, there would be one central inter-connected chain in which every bank would adhere to for inter-bank transactions.Blockchain can also be used in trade  finance, cross-border payments, capital markets, loan syndication and suppy chain financing.

In non-bank space, blockchain can be used in the customs department and land registry.