The largest bank of India, State bank of India is planning to implement blockchain solutions in various financial practices including management of its KYC (Know Your Customers) System. This government retained bank which is India’s major banking corporation with possessions over $460 billion operating in different domains including retail, corporate banking, financing and insurance. SBI took the lead in establishing ‘Bankchain’ which is the first of its kind in India, the economic blockchain syndicate includes India’s major banks both public and private sectors.
How does SBI take it forward?
To device and develop blockchain applications some of the major technology titans are involved; IBM and Microsoft are in the process of adding the technical layer to this project. SBI is moving ahead with its first application of distributed technology of using an enterprise blockchain solution for managing its KYC system. In this course it has amalgamated with Intel, which makes this big technology organization the endorsed technical consultant for the syndicate.
Intel has designed an integrated platform for developing and positioning blockchains known as Hyperledger Sawtooth. This blockchain is also augmented by Intel Software Guard Extensions (SGX) to enhance blockchains confidentiality, safety and scalability. Primechain, an Indian blockchain startup delivers this blockchain solution.
This blockchain solution will lift up the financial organization’s competence without compromising on data and transaction security.
Sudin Baraokar, Chief of SBI’s innovation wing, says that the bank is looking forward to advance blockchain use cases through partnerships with other banks to accelerate the beta deployment process.
Taking advantage of blockchain modules such as Intel SGX and Hyperledger Sawtooth and Primechain’s skill in building blockchains, one can comprehend that emerging fintech services such as P2P offering, backing from various sources and digital marketplaces that enables commercial addition.
The Syndicate’s first completed project, which was out in June, saw a working set of major Indian banks improve a blockchain to share customer data. This project known as ‘Clear Chain’, the contributing banks will now be able to share KYC, ALM and CFT with Customer, Anti Money Laundering and Opposing the Backing of Terrorism.