The State Bank of India Finds Different BlockChain Applications to Improve services at the Bank
Nov 04, 2017 Posted / 5018 Views
The state Bank of India is the largest Banking institution in the country with a diversified Business lines ranging from Insurance, retailing to financing and corporate Banking. SBI which manages an asset base of about $460 Billion became the first Banking institution in India to adopt the BankChain, Indian owned financial consortium comprising of the largest Banks in the Country. BankChain has technology Partners IBM and Microsoft to develop and implement Blockchain applications in the Financial services Industry. SBI is not leaving anything to chances as seen by its recent move of partnering with Intel, world's largest computer Chips manufacturer as it’s official technology advisor. The State Bank of India’s first application of the Bankchain is on the implementation of its Know Your Customers (KYC) Systems. The head of Innovation at SBI Bank, Sudin Baraokar,emphasised the need of the Bank to cooperate with other Banking institutions for a coordinated enrollment of the Blockchain’s beta versions in all partner Banks,
“If we put the use the cutting edge blockchain components like the intel SGX and hyperledger sawtooth with Primechain expertise to build BlockChain Fintech services like P2P lending crowdfunding and digital marketplaces can easily be implemented”
Being the Biggest government owned Bank in the country SBI can implement regulatory measures on the private banking institution operating in India. Through its continuous desire to adopt the latest technologies for the financial sector the SBI recently successfully completed the first application a Blockchain project for Banking institutions in India. In collaboration with the Bankchain consortium Clear Chain, a data share platform for all Banks in India was developed. Through clear chain policies like the Know Your Customers (KYC), Anti-Money Laundering (AML) and Countering the Financing of terrorism (CFT) can be easily implemented. Bankchainand SBI wants to set a clear path to technological development into India's Banking sector to Bolster security provide a platform for computing innovations. The co-founder of Primechain a partnering company with SBI, Mr. Shinam Arora commented saying,
“Blockchain Technology can be used to provide greater improved security, reduced cost of infrastructure, high levels of transparency and auditability, and real time automatic settlements to the Banking sector”
Blockchain has unending possibilities of application, the indian SBI bank is very interested in researching all the possibilities of developing diverse Blockchain applications to the Banking to stretch Blockchain to it’s full capabilities. This can be witnessed by the Banks never ceasing attempts to improve the existing technologies in the country's Banking sector. To achieve this the Bank is ever searching for top Notch technology partners like Intel, Microsoft and IBM. According to Rick Echevarria, Vice President, Software and Services Group and General Manager, Platforms Security Division, Intel Corporation;
“Blockchain has the abilities to transform the traditional Business processes and the data exchange protocols between financial institutions and consumers. Application of Blockchain reduces the need for intermediaries, improves business efficency, reduces cost of transactions”
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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