The Institute for Development and Research in Banking Technology (IDRBT), an arm of the Reserve Bank of India, is developing a model platform for blockchain technology.

Announcing this at an IDRBT banking technology awards function held here on Friday, A. S. Ramasastri, Director, IDRBT, said the platform will be suitable for different applications relevant to banking. "We will be launching this platform very soon," he said.

Sudarshan Sen, Executive Director, RBI said RBI, IDRBT and fintech players could work together for the commercial success of new technology platforms.

Of late, blockchian has emerged as the most talked about and researched area in the banking and financial industry. It provides tamper-evident recording of linked transaction history in a distributed network and has potential.

It's a type of distributed ledger or decentralised database that keep records of digital transactions. People generally use a trusted third-party like a bank to make a transaction. But blockchain removes the need for a third-party by directly connecting customers and suppliers on the same platform.

IDRBT has also filed for three patents on technology solutions related to cyber security, cloud computing and analytics.