In a first-of-its-kind move, 15 Indian banks have joined forces to build a blockchain solution to solve a central problem in traditional banking — the processing of Letters of Credit (LCs), GST invoices, and e-way bills.
Cryptocurrencies, which are based on this technology, have grown exponentially in the last year. However, conventional financial institutions are yet to take advantage of it. While the authorities figure out a way to regulate cryptocurrencies in India, banks are taking a step forward and bridging the gap from a technology point of view.