RBI Distributed Ledger Technology and Blockchain - A Future of Decentralized India

Abstract

Despite various countries getting hands-on technology such as blockchain for banking, transaction,<br> and multiple benefits, a developing country such as India must use these technologies because of<br> the advantages it provides in order to keep pace. In the age of digital currencies and new emerging<br> technologies, central banking is a fast-growing topic in the monetary economy. Cryptocurrencies,<br> blockchain, and distributed Ledger technologies appear to be feasible rivals to Fiat Currency<br> central bank. Blockchain technology's influence behind Cryptocurrencies. Cryptocurrencies have<br> the ability to boost payments and operations by central banks and serve as a forum from which<br> central banks could Perhaps launch their own digital currencies. RBI Indian central bank is no less<br> important when it comes to technology that would pave the way for the new economy, enriched<br> with technology-centric growth momentum, by increasing support from India's reserve bank and<br> the Indian government for innovation and integrating technologies through regulatory sandboxes<br> and various other systems. This article illustrates distributed ledger technology in the Indian<br> context. The secondary data were obtained from various scholarly journals and websites. We have<br> analysed distributed ledger technology, India’s move towards learning new technologies, different<br> central banks distributed ledger project and examined blockchain technology in the Indian market<br> using the SWOC framework as a research case study.