Interoperable Distributed Ledger Technology (DLT) Pilot Project

Mission

To set up a Distributed Ledger Technology (DLT) Platform for the Indian banking ecosystem

 



Across three fabric layers



Leveraging WEAVER Protocol



First of it’s kind attempt in Indian financial sector

Distributed Ledger Technology (DLT) is a technology that supports networks of databases enabling participants to create, disseminate and store information in a secure and efficient manner. Smart contracts supported by DLT allow for automated execution, thus reducing manual intervention and paperwork. Despite its benefits, there has been limited technological adoption among financial institutions.

In this context, we consulted with leading public and private sector banks to understand key issues. Vendor lock-in with a single DLT fabric and lack of live use cases at scale were major industry concerns. To address these, we conceptualised the idea of a DLT platform for the financial ecosystem.

After extensive research, we hosted a virtual roundtable attended by all major public and private banks in Jan’22, where Inland Letter of Credit (LC) was chosen as the use case for a Proof-of-Concept (POC). The current end-to-end inland LC process is lengthy, requires human intervention at multiple levels, and is also prone to fraud.

RBIH DLT Project Milestones

In June 2022, we conducted a successful POC exercise with 11 banks, 3 DLT fabric and application layer partners, and fintech startups.

Based on insights from the POC, we are working closely with Indian Banks’ Blockchain Infrastructure Co Pvt Ltd (IBBIC) to facilitate DLT adoption at scale.

To know more about this project, read the detailed rundown of the POC in our closure report.

 Interoperable DLT POC Closure Report

Problem Statement / Problem identified:

In India, women often face barriers to saving money due to various reasons such as lack of financial literacy, limited access to banking services, and complex user interfaces of existing savings applications. These challenges make it difficult for women to save money effectively and efficiently.

Proposed Project Phase:

We propose the implementation of an improved UI/UX for the Frictionless Savings App. Our primary objective is to create a user-friendly and intuitive interface tailored to the specific savings needs and preferences of women. By simplifying the savings process and incorporating features that promote financial literacy and empowerment, we aim to encourage regular saving habits among women.

Conclusion:

The Frictionless Savings Product for Women project strives to impact and enhance women’s saving practices in India. By designing an intuitive and women-friendly user experience, we aim to provide women with a technological means to take more control over their financial futures and help them achieve their family’s long-term financial goals.

Project Partners

Have Something to Say?

As an innovation hub, we thrive on new ideas.
Let’s hear yours.