India`s BankChain consortium, a working group of Indian banks working on blockchain solutions, completed its first project “Clear-Chain”, a platform,
India`s BankChain consortium, a working group of Indian banks working on blockchain solutions, completed its first project “Clear-Chain”, a platform, where customer data can be shared.
The consortium was led by government-owned State Bank of India (SBI), India`s largest bank. The latter has reportedly launched the first banking blockchain group. This happened in February this year, according to cryptocoinnews.com. The consortium attracts other large banks in the country such as HDFC, ICICI and Axis and others. Blockchain specialists and consultants in IBM, Microsoft, KPMG and other leading companies are also participating.
The version of Clear-Chain that is available at the moment facilitates sharing of KYC data, investigation reports, suspicious transaction reports and cross border wire transfer reports, as The Times of India (timesofindia.indiatimes.com) wrote in a publication.
“Once implemented, the benefits of blockchain technology include maximization of efficiency, security & transparency and minimization of fraud.”, as Shinam Arora, CEO, Primechain Technologies, the company that is powering blockchain in the consortium, noted.
India`s largest bank is also researching blockchain technology as a platform for inward international remittance, something that could be a significant endorsement of the innovative technology, as cryptocoinnews.com wrote.
“We are exploring how blockchain can help in reducing fraud where a borrower takes a loan against the same asset from multiple banks. We are also looking at inward remittances and the use of blockchain as an alternative to systems like SWIFT. We will first look at INR payments where FEMA regulations are not involved.”, as Sudin Baraokar, head of innovation at the State Bank of India, explained further.
Indian private banks have recently trialed a cross-border international remittance over a blockchain, as cryptocoinnews.com wrote last year.