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