The SBI will launch two beta versions of blockchain solutions next month. The services will be used by 27 major Indian banks of the “BankChain” consortium.
The State Bank of India (SBI) will reportedly launch two beta versions of blockchain solutions next month. The services will be used by 27 major Indian banks of the “BankChain” consortium.
The SBI is India`s largest bank with assets amounting to over $460 billion. The public sector bank played a role in establishing India`s first blockchain consortium called BankChain, a formation that now has more than 20 members from India and the Middle East.
The BankChain consortium is a community of banks for exploring, building and implementing blockchain solutions that were built in February 2017. Some of the BankChain`s active projects include:
- Secure documents
- Peer-to-peer payments
- Asset / Charge registry
- Syndication of loans
- Blockchain Security Controls
- Know Your Customer
- Blockchain Libraries
- Virtual currencies
- Cross-border payments
- Trade finance
Moreover, the consortium is collaborating with companies like IBM, Intel, and Microsoft, as reported by the media. Now they are rolling out their first blockchain applications by releasing beta versions of smart contracts and a common know your customer (KYC) platform next month, as SBI`s head of innovation, Sudin Baraokar, reportedly said. He commented on the subject in an interview with the Indian newspaper The Economic Times:
“By next month, we should have two beta production solutions ready for use by the 27 banks”, adding that the ready beta production will feature smart contracts and KYC.
A KYC solution relying on blockchain technology is one of the 10 “active projects” of the BankChain consortium. Other collaborative efforts include virtual currencies, cross-border payments, and peer-to-peer payments.
Previous reports by the media have noted that the first completed project by the consortium was “Clear Chain” – an initiative, where a working group of major Indian banks uses blockchain technology to share customer data.