IIT-B, thus, became one of the 17 universities across the world to benefit from the $50-million Ripple fund for its global University Blockchain Research Initiative (UBRI). Further, joint research with IIT-B on using blockchain to reduce the cost of remittance coming into India, for instance, “can save the country billions of dollars", notes Gupta. Blockchain is no longer a technology that is just about powering cryptocurrencies like bitcoin and ether. Large banking, financial services and insurance firms, manufacturing firms and governments across the world are already testing blockchain proofs of concept. Globally, for instance, the World Bank mandated the Commonwealth Bank of Australia to arrange the world’s first blockchain bond—the Kangaroo bond.

Source: Mint February 17, 2019 19:30 UTC