scorecardresearchRBI taps a dozen banks to run blockchain based pilot project

RBI taps a dozen banks to run blockchain based pilot project

Updated: 23 Jun 2022, 09:49 AM IST
TL;DR.
If successful, it could help prevent loan frauds by fugitive borrowers that gamed the system to siphon off thousands of crores.
The pilot project will harness blockchain technology where ‘blocks’ of transaction data are stored in ‘chains’ with peer-to-peer access to enhance traceability of money flow.

The pilot project will harness blockchain technology where ‘blocks’ of transaction data are stored in ‘chains’ with peer-to-peer access to enhance traceability of money flow.