Institute for Development and Research in Banking Technology (IDRBT), the research unit of RBI successfully tested blockchain technology in a project involving regulators, banks, financial institutions and clearing houses. The technology was used in a trade application with banks and the National Payments Corporation of India (NPCI) participating too. After success of the project, IDRBT released a white paper titled, ‘Applications of blockchain technology to banking and financial sector in India’. It said the overall proof of concept provided a good demonstration of the use-cases and helped broaden the understanding of the technology and its potential to other real-life applications. The technology partner for the project was New York-based MonetaGo, which provided the actual platform for test cases including payments with its proprietary enhanced information payments system (EIPS) and trade finance.
