A very interesting news for blockchain enthusiasts in India and across the world. A recent Memorandum of Understanding (MoU) on joint research on distributed ledger technology (DLT) has been approved by the The Union Cabinet of India, led by the Prime Minister of the country, Narendra Modi.
The MoU has been signed between India and BRICS member states. This collaborative initiative has been undertaken by the BRICS Interbank Cooperation Mechanism. DLT has emerged as a technology that has revolutionized the world. The aim of this body is to foment a greater knowledge and understanding of this technology. Also, it would look into the possible sectors where this technology can be put to use to increase the efficiency.
The research committee will include Export-Import Bank of India (Exim Bank) and other banks from 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).
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.”
The 10th International BRICS Summit was held recently in Johannesburg in July and that is where this MoU was first proposed. The main agenda of the conference was the cooperation in economic development, now that the world is facing the fourth industrial revolution.
It was around that same time that the state of Telangana in India created a global buzz at the Indian Blockchain Congress in Hyderabad by signing MoUs with Tech Mahindra to eventually create a blockchain district and boost blockchain development.