The Union Cabinet of India has given the green light for a Memorandum of Understanding (MoU) on the collaborative research of distributed ledger technology (DLT).
This was reported on by local news outlet ANI.
The Union Cabinet is the absolute decision-making organization in India made up of cabinet ministers and bannered by the prime minister, Narendra Modi.
The MoU, which is a two-way initiative under the BRICS Interbank Cooperation Mechanism, seeks to forge better understanding of DLT and outline areas where the technology can be applied to augment operational efficiency.
The research will be jointly done by the Export-Import Bank of India (Exim Bank) and banks from the other BRICS member states; Banco Nacional de Desenvolvimento Economico e Social (BNDES, Brazil), China Development Bank (CDB), State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank, Russia), and the Development Bank of Southern Africa (DBSA).
The MOU was first proposed at the 10th International BRICS Summit held in Johannesburg in July, the primary focus of which was collaboration in economic development “in the face of the fourth industrial revolution.” The banks then consented to jointly research DLT “in the interests of the development of the digital economy.”
Mikhail Poluboyarinov, First Deputy Chairman and a Member of the Board at Vnesheconombank, said of the MoU:
“The current agreement allows the development banks of BRICS countries to study the applications of innovative technologies in infrastructure finance and bank products optimization.”
That very same month, the Indian state of Telangana also inked MOUs with blockchain firms to eventually apply the technology in state applications to update government services. The measure is looking to bring more transparency and efficiency to public services that are being provided by the state.
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