Page 23 - ASR_Forewords

he Harvard Business Review says that Blockchain
TTechnology is a f undao tion al technology. A
f undation al technology is likely to have impact on
o
human population across the geographies in several
ways. However, it may take time for such a technology
to get adopted and absorbed. It is, therefore, no
surprise that Blockchain Technology is more
discussedand debatedthan designedand deployed.
While discussing the relevance of any technology for
a large-scale adoption, it is useful to ask two
questions – (1) is it the right time to use the
it has been having with Blockchain Technology
technology, and (2) is the technology likely to survive
consortiums. Further, the Institute has constituted a
long enough to be useful. Recent history has
team of experts from banks, industry, academia in
witnessed instances of ideas prematurely used,
additionto itsown researchers.
dropped and reused later. Similarly, past few decades
saw very quick exit of ideas within a short time of The Blueprint is a result of the commitment of the
being considered great and futuristic. These two members of the team. Let me thank and congratulate
questions are raised in the context of Blockchain each and everymemberof theteam.
Technology too. For the time being at least, we can The Blueprint is organized into three chapters. In the
live in the comfort that the technology has been in first chapter, it is attempted to present the current
practical usefor over a decade. scenario of financial networks, further requirements
Accepting that the Blockchain Technology, in view of and benefits that might arise out of adoption of
its inherent strengths, is useful and that it is the right Blockchain Technology. The second chapter is
time to look at its usability, the usual questions like devoted to design aspects of three important
what, why, where, and how are to be addressed. constituents – architecture, governance and
IDRBT in its Whitepaper on Blockchain Technology technology – that will help in successful deployment
attempted to give reasonable answers to what, why of Blockchain based services. The third and last
and where, at leastinthecontextofbanking sector. chapter gives roadmaps for implementation, taking
into account the requirements and designs discussed
That leaves the most important question – how. The
in earlierchapters.
Institute has been working closely with government,
banks and industry in addressing the question – how I trust the Blueprint is likely to become a standard
to build a useful Blockchain that can serve as a reference for any individual or institution or
common platform to launch varied applications. It consortium that is working towards building a
virtually means, preparing a Blueprint for building common Blockchain based platform. Though the
Blockchain platform. focus of the publication is banking sector, in view of
the generality of principles and practices, I am certain
For drawing specifics to a generic platform, the
itwouldgo beyond.
Institute has leveraged the experience and expertise
it has gained while working on Blockchain based
projects for government as also from the interactions

Date: January 22, 2019 (Dr. A. S. Ramasastri)

Place: Hyderabad Director, IDRBT

Blueprint of Blockchain Platform for Banking Sector and Beyond 01