From left: Indian Prime Minister Narendra Modi, Chinese president Xi Jinping, South African President Cyril Ramaphosa, Russian President, Vladimir Putin and Brazilian President, Michel Temer pose for a photograph, 26 July 2018, in Sandton, Johannesburg , during the 10th BRICS leadership summit. Picture: Alaister Russell/The Sunday Times

The Republic of India’s Union Cabinet unanimously authorized the Memorandum of Understanding (MoU) on collaborative research in the field of blockchain and distributed ledger technologies. The cabinet’s approval will enable India’s Export-Import (EXIM) Bank to launch research efforts in these fields with the participation of representative banks from BRICS financial bloc. India, China, Brazil, South Africa and Russia are the members of BRICS association. The primary aim of this venture is to develop the digital economy in member countries. Indian Prime Minister Narendra Modi gave the approval for the MoU while chairing the cabinet meeting.

Collaborative Research for a better World

The other member banks include the Development Bank of Southern Africa (DBSA), Banco Nacional de Desenvolvimento Economico e Social (BNDES) Brazil, State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) Russia.

“This MoU aims to build up the understanding of Blockchain/Distributed Ledger technologies by conducting joint research to find areas within corresponding business operations where it may have the probability for an application. Such applications can lead to significantly enhanced operational efficiencies,” the press release after the meeting elaborated.

Recent BRICS summits mentioning Blockchain technology for a thriving digital economy

The Xiamen Declaration, which was signed by all the BRICS countries in China last year, was instrumental in promoting the importance of a digital economy. It highlighted several ways in which participating nations could leverage advancements in the digital economy for boosting global economic development and provide benefits to every individual.

The Declaration of 10th BRICS summit held in Johannesburg this year also welcomed the signing of the MoU on joint research related to the Blockchain and distributed ledger technologies in the context of developing digital economies of the member countries. The declaration expressed its resolve in enhanced cooperation as it has the potential to transform the internet economy.

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