India Signs MOU with BRICS Members for Joint Blockchain Research
Indian Cabinet has given the green signal to a Memorandum of Understanding (MoU) on the collaborative research of distributed ledger technology (DLT), as per the report of local news outlet ANI. in India, the Union Cabinet is the uppermost decision-making body composed of cabinet ministers and headed by the Indian prime minister, Narendra Modi.
The aforementioned MoU is a cooperative initiative under the BRICS Interbank Cooperation Mechanism. Its objective is to encourage superior interpretation of Distributed Ledger Technology and expound areas where the technology can be deployed to enhance operational efficiency.
"Its objective is to encourage superior interpretation of Distributed Ledger Technology and expound areas where the technology can be deployed to enhance operational efficiency"
The research shall be cooperatively carried out by the Export-Import Bank of India (Exim Bank) and banks from the other BRICS member states; China Development Bank (CDB), Banco Nacional de Desenvolvimento Economico e Social (BNDES, Brazil), Development Bank of Southern Africa (DBSA), and State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank, Russia),
For the first time, the MoU was suggested at the 10th International BRICS Summit held in Johannesburg in the month of July. Its predominant focus was substantial cooperation in the economic development with regards to the fourth industrial revolution. The banks then agreed to cooperatively study Distributed Ledger Technology in the interests of the development of the digital economy. Mikhail Poluboyarinov, First Deputy Chairman and a Member of the Board at Vnesheconombank, made a comment on the MoU that the current agreement facilitates the development banks of BRICS countries in studying the applications of disruptive technologies in infrastructure finance and optimization of bank products.
"the Indian state of Telangana also signed MoUs with a bunch of blockchain companies"
In the same month, the Indian state of Telangana also signed MoUs with a bunch of blockchain companies in order to apply blockchain and decentralization to in-state applications in order to make the government services well organized. The measure is aimed at bringing increased transparency and efficiency to public services delivered by the state.