The century old tech firm, IBM has been at the forefront of almost all the technological revolutions to date. The company doesn’t want that to change now. After realizing the potential of bitcoin and its underlying blockchain technology, the company forayed into crypto-tech and it has been working with governments and other institutions in this regard.
Recently, IBM has decided to make use of its tech expertise to create blockchain based solutions for the financial sector. Blockchain offers a time and cost efficient method to conduct financial transactions.
According to recent reports, the company is considering the usage of blockchain technology for user authentication purpose as one of the applications. IBM recently expressed its interest to work with Hyperledger, a collaborative effort of various tech and bitcoin companies in association with Linux Foundation. IBM will be making the codes for its blockchain application available for the Hyperledger program.
Once the codes are made available on Linux platform as an open source project, developers will be able to build upon those projects to create applications specific to various use cases. Banks and financial institutions across the world are already invested in developing blockchain based applications for their operations. However, none of the Indian banks have so far publicly ventured into these domains.
The Reserve Bank of India had earlier acknowledged the importance of blockchain technology and how it can be used to combating the influx and use of counterfeit financial instruments. The Reserve Bank of India has also recently announced a competition, where it calls for individuals and teams to work on developing blockchain based fintech solutions. The winners of this competition will be awarded prizes.
It is a great time for entrepreneurs, startups, independent developers and existing Indian bitcoin companies to work on developing blockchain based solution for the Indian banking and fintech sector.