Technology behind bitcoin can assistance check counterfeiting: RBI

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MUMBAI: Exactly dual years after it released a counsel opposite use of practical banking bitcoin, a Reserve Bank of India has come around to conclude a strengths of a underlying ‘blockchain’ technology. Blockchain is a digital height that annals all bitcoin exchange in a approach that can't be altered.

In Dec 2013, a RBI had cautioned users, holders and traders of practical currencies (VCs), including bitcoins, about a intensity financial, operational, legal, patron insurance and security-related risks that they are exposing themselves to. This week, in a news on financial stability, a RBI pronounced that even as opinion diverged on a practical banking itself, a pivotal technical judgment of ‘blockchain’ that underpins such cryptocurrency systems is sketch some-more courtesy now.

“With a intensity to quarrel counterfeiting, a ‘blockchain’ is expected to move about a vital mutation in a functioning of financial markets, material marker (land annals for instance) and payments system,” pronounced a RBI. The executive bank forked out that a normal complement of record upkeep works on a basement of ‘trust’ and a ‘regulatory’ and ‘controlling’ energy of executive entities/counter parties. “As opposite this, a ‘blockchain’ record is formed on a shared, cumulative and

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