Blockchain: Largest Indian banks are already using blockchain and the technology is now finding buyers among all top Indian Bank to prevent competition from fintech firms.
- Blockchain is taking off because it dramatically reduces the cost of coordination
- In Blockchain instead of a single place, where data is stored on any number of “nodes”, hosted by banks themselves.
- Infosys has partnered with ICICI and other banks to develop a blockchain network for trade called Finacle Trade Connect.
- By using blockchain, the process not only goes digital, payments also have a guarantee of not getting stuck.
- Blockchain business grows only if there is inter-bank operability.
- Indian banks have formed another committee to develop a “common computing infrastructure” for blockchain.
- Bankers were losing to fintech companies who could provide much faster payment.