Blockchain technology, also known as the decentralised, distributed ledger technology, has gained popularity in India in the last 2 years. According to studies, in the next 5 years, Blockchain has the potential to add value to the tune of USD 5 billion across all sectors in India.
Various banks in India have been increasingly adopting this technology. Utilising this distributed ledger technology, a group of India’s 11 largest banks including ICICI Bank, Kotak Mahindra Bank, HDFC Bank, Yes Bank, Standard Chartered Bank, RBL Bank, South Indian Bank, and Axis Bank have launched the 1st ever blockchain-linked loan system in the country. This not only guarantees transparency in loan disbursement but also eliminates any communication challenge among the different banks.