Leveraging Blockchain Technology …

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Central bank trio to make this integration seamless with proper checks and balances.

Technological innovations always come with errors and compatibility issues and

through continuous research and development, the issues of scalability, privacy, and

security can be resolved. Promising fintech companies in technical collaboration

with blockchain technology specialists are already taking this one step ahead with

several chatbot managed branches, chatbot financial advisory services, asset man-

agement for various risk levels and many more. When research provides many new

technologies, industry acceptance of the technology is pertinent to bridge the gap

between technology and its users. The consortium of India’s eleven largest banks,

including Yes bank, South India bank, ICICI, Kotak Mahindra bank have built the

first ever blockchain linked loan system and is a testimony of the faith reposed by

Indian banking system on the new technology. Use of blockchain technology for

streamlining the process for digital identity, cross-border payments, KYC updates,

and credit rating evinces the implementation of technology along with IoT. The inte-

gration of servers, providing accessibility on a real-time basis, multiple device based

operation of accounts have made banking very simple, cost effective, and popular.

Riding through the internet wave, the central banks have consistently provided a reg-

ulatory framework for several banking operations enabled via the internet. In similar

lines, the regulatory framework for full fledged banking operations, which performs

beyond mere storage of customer data on blockchain, will be provided by the Central

bank, is the anticipation and hope. Once the sub-systems of fool proof technology

for payments transfer, accessibility of customer data by banks all across globe to

prevent duplication of customer information, transparency through scalable proof

of work algorithm, high digital percolation and access to high-speed uninterrupted

internet, are in place, the final application of Blockchain and IoT in Indian banking

sector will successfully happen.

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