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
1600 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

Leave a Reply

Your email address will not be published. Required fields are marked *

Ripple Partners with 5 New Clients around 4 Countries

Ripple collaborates with few more Banks and  Money Remittance Companies Ripple has announced its new partnerships with five banking and money transfer institutions across various countries. According to the reports, in the coming days, the two banks aú Unibanco from Brazil and IndusInd from India along with the money remittance …

Australian University to Introduce Nation’s First Blockchain Courses

Australian Students to learn Blockchain Courses in the University Australian public research university RMIT introduced the country’s first dedicated online short course on blockchain technology. The development of blockchain as a disruptive, game-changing technology has driven Melbourne-based RMIT University to offer Australia’s first online course on the sector. The 8-week …

Lenovo to Adopt Blockchain Technology for Document Validation with the US Patent

Blockchain Technology to be explored by Lenovo with U.S Patent for Document Validation Lenovo has registered a patent with USPTO (U.S Patent and Trademark Office) for a system to verify the sincerity of physical documents by using a security Blockchain. The patent application was submitted in August 2016 but was …


Pin It on Pinterest

Share This