State Bank of India Planned to Navigate the Test Blockchain-based Smart Contracts

Nishanth Shetty

Nishanth Shetty

November 22, 2017 12:02 pm

State Bank of India Planned to Navigate the Test Blockchain-based Smart Contracts
2464 Total Views

Blockchain News

The State Bank of India (SBI) has planned to test a Blockchain-based smart contracts system that was developed by the BankChain consortium in December 2017. The Consortium, which was launched in February, has been composed by 27 banks those which aims to develop the Blockchain Solutions for the banking industry in the nation.

Sudin Baraokar, SBI’s head of innovation, says that the smart contracts will be tested for “simple things” such as undisclosable agreements. He included that the majority of their internal process can be innovated using the technology.

He said:

“A lot of internal processes can be contracted. We do a lot of IT procurement, a lot of it can be implemented using Blockchain.”

SBI’s planned BankChain initiatives and innovation center

Baraokar says that State Bank has already planned to start an innovation hub in Mumbai. The hub will be used for conducting the research and the development (R&D) on new technologies such as the artificial intelligence, machine learning, and the Blockchain Technology. The features have been also designed to host the hackathons and incubate startups. The initiated center is currently working on the designing phase and it is scheduled to be launched in mid-2018.

At the same time, the BankChain consortium has introduced the Know Your Customer (KYC) platform dubbed ClearChain in May 2017. The platform has intended to allow banks to share the data of their customers among the members, Along with the information which can be shared are data on wire transfers and investigatory reports, including the  Suspicious Activity Reports (SAR).

The BankChain consortium was established in February 2017. SBI was the first member of the group. Afterward, the organization already has 22 Indian Banks including DCB Bank, Axis Bank, and ICICI Bank, as well as the five Middle-East-Based banks as the members.

No Comments
DAPPS to be Used by Messaging company Line on its Own Blockchain

Messaging Giant Line to Use Dapps for its Own Blockchain Technology Line, the Japan-based messaging app firm, has planned to build a custom blockchain which has set its goal to boost development of decentralized apps for its platform. The news was spread all over while the company, a subsidiary of …

The Blockchain isn’t a Privacy Solution says, Amber Baldet

JPMorgan Blockchain Lead comments about Blockchain Privacy Solution Amber Baldet, the former JPMorgan blockchain lead commented that Blockchain “maximalism” would not solve internet privacy concerns, on Monday during a talk on the “Internet of Value” and delivered to MIT Technology Review’s Business of Blockchain conference. During the talk, she explained: …

National Bank of Dubai Implements Blockchain Tech To Prevent Check Fraud

Blockchain Technology implemented by National Bank of Dubai to Prevent Check Fraud On 21st April a Local News reported, the National Bank of Dubai (NBD) one of the biggest bank groups in the Middle East by volume, become the first bank in the region to execute Blockchain Technology in a …

Belgium Offers World Food Programme Blockchain Project

World Food Programme Blockchain Project to be Contributed by Belgium According to World Food Programme report, the government of Belgium is going contribute €2 mln for promoting a Blockchain project through World Food Programme (WFP). The donation would allow United Nations (UN) to utilize Blockchain technology to fight against hunger …

Amazon Web Series is Making the use of Hyperledger and Ethereum easy

Amazon Web Series to Start a New service for Hyperledger and Ethereum easy Amazon Web Services has recently announced the service it is going to launch out-of-the-box a blockchain service for Ethereum and Hyperledger Fabric protocols. AWS chief evangelist Jeff Barr wrote in a blog post: “Recently available templates allow …

Huawei to Launch Blockchain as a Service Platform

Blockchain Technology to be Used by Huawei as a Service Platform Chinese Telecommunication firm Huawei announced its latest Hyperledger-fuelled Blockchain service at a conference in Shenzhen on Tuesday. The Blockchain-as-a-service(BaaS) tool, which is launched a month after the release of Huawei and Hyperledger’s joint project Caliper and will be known as …

Press Release

shares