State Bank of India Plans to Pilot Test Blockchain-based Smart Contracts
The State Bank of India (SBI) plans to beta test a Blockchain-based smart contracts system that was developed by the BankChain consortium in December 2017. The consortium, which was launched in February, is composed of 27 banks that aim to develop Blockchain solutions for the banking industry in the country.
According to SBI’s head of innovation, Sudin Baraokar, the smart contracts will be tested for “simple things” like nondisclosure agreements. He added that majority of their internal processes can be accomplished using the technology.
"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 innovation center and BankChain initiatives
According to Baraokar, the state bank also plans to establish an innovation hub in Mumbai. The center will be used to conduct research and development (R&D) on new technologies such as artificial intelligence, machine learning, and Blockchain technology. The facility is also designed to host hackathons and incubate startups. The proposed center is currently in the design phase and it is scheduled to be launched in mid-2018.
Meanwhile, the BankChain consortium has launched the know your customer (KYC) platform dubbed ClearChain in May 2017. The platform is intended to enable banks to share data of their customers among their members. Among the information that can be shared are data on wire transfers and investigatory reports, including Suspicious Activity Reports (SAR).
The BankChain consortium was established in February 2017. SBI was the first member of the group. So far, the organization already has 22 Indian banks including DCB Bank, Axis Bank, and ICICI Bank, as well as five Middle East-based banks as members.
Este Post ha recibido un Upvote desde la cuenta del King: @dineroconopcion, El cual es un Grupo de Soporte mantenido por 5 personas mas que quieren ayudarte a llegar hacer un Top Autor En Steemit sin tener que invertir en Steem Power. Te Gustaria Ser Parte De Este Projecto?
This Post has been Upvote from the King's Account: @dineroconopcion, It's a Support Group by 5 other people that want to help you be a Top Steemit Author without having to invest into Steem Power. Would You Like To Be Part of this Project?
This post has been ranked within the top 25 most undervalued posts in the second half of Nov 23. We estimate that this post is undervalued by $18.53 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Nov 23 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.
Congratulations @feltoxxx! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOP