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              T is almost two years since a small team of researchers at IDRBT has been studying the structure,
            Isecurity features, process flows and use cases of Blockchain Technology (BCT), especially in the
            area of banking and finance. In the process, the Institute has been interacting individually with
            academicians, organizations, banks and technology partners working in thearea.

            In order to bring all of them together, the Institute organized a brainstorming workshop on
            Blockchain technology. All the participants of the workshop showed interest and keenness to work
            jointly to prepare a White Paper on Implementation of BCT in the areas of banking and finance in
            India. Accordingly, the Institute formed a Working Group with experts from RBI, IBA, NPCI, CCIL, ISI,
            State Bank of India, Punjab National Bank, Bank of Baroda, ICICI Bank, HDFC Bank, Axis Bank, Citi
            Bank, Deutsche Bank, Infosys, TCS, IBMResearch, Deloitteand MonetaGo as members.

            All the members of the Working Group have given inputs from their expertise and experience. The
            IDRBT coordinating teamputtogethertheinputsalong with their studyresultsinto fivechapters.

            The first chapter introduces the cryptographic components, protocols and ledger classifications of
            blockchains. While the second chapter provides the advantages of BCT, the third chapter presents the
            potential areas of its application, both in currency and non-currency areas. The fourth chapter
            critically examines the crucial features required in banking and financial sectors – security, privacy,
            traceabilityand scalability.
            Drawing from the strength of analysis presented in the first four chapters and the global experiences,
            the Working Group proposes a prospective roadmap for adoption of BCT in Indian banking and
            finance inthefifthchapter.

            In order to gain first-hand experience of the implementation, the Institute organized a Proof-of-
            Concept (PoC) of BCT for a typical trade finance application with active participation of NPCI, banks
            and the technology partner. The results of the PoC have been quite encouraging, giving comfort and

            It is a rewarding moment to the Institute and the Working Group to present the White Paper to all
            stakeholders in the country for further course of action. I am personally happy to get the White Paper,
            with a foreword from our Chairman, Shri R Gandhi, Deputy Governor, Reserve Bank of India, released
            by Dr. Duvvuri Subbarao, Former Governor, Reserve Bank of India, during the inauguration of the
            International Conference on DistributedComputingand Networking (ICDCN) today.

            Date: January 05, 2017                                              Dr. A. S. Ramasastri
            Place: Hyderabad                                                                  Director, IDRBT
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