I don’t know how to react as I read some negative news that India will follow china’s pivot on banning bitcoin. I don’t know where to stand myself right now. I may need sometime to research and to know how bitcoin status on India. Hope this is more than reality that this bank is going toward Blockchain technology. For most Indian people is more welcome on this development that those banning one.
As I have said let the drama ends and if it works at the betterment of the people and not for few is a good news for me. But I will wait for something will neutral this conflicting sides of the coin.
Topic: [2017-11-03] India’s Largest Bank Goes Big on Blockchain (Read 1764 times)
The Indian government is implementing Blockchain technology in different sectors. Clear Chain, banking and finance. Proffer is partnering with the Government of India to work on concepts like India Chain, another blockchain infrastructure for a Digital India. If India Chain rolls out then the world's largest biometric identification system, Aadhar, 1.2 billion IDs would go big on Blockchain.
https://proffer.network/hackathon
https://proffer.network/hackathon
OK, quite surprising news because I just saw threads that bitcoin is being ban in India but here it says they are supporting blockchain. Anyways, the banking system is really the first recipient of this technology because its adaptable to them. The only thing is that it will have to replace a lot of the banking's legacy system so for me this is the first challenged that needs to be hurdle. And the question of how people are going to react to such new technology? People has tendency to resist changes, so I think its also applicable to those who have been working in banks for so long. But let's see, I think its for the greater good so I hope the employees will understand eventhough it means that their position is also at risk.
The State Bank of India is gearing up to implement blockchain solutions in a number of financial processes including the management of its Know Your Customer (KYC) system.
As a public sector bank, government-owned State Bank of India (SBI) is India’s largest banking corporation with assets over $460 billion and services in a number of areas including retail and corporate banking as well as financing and insurance. Earlier in February, SBI took the lead to establish ‘Bankchain’, India’s first financial blockchain consortium comprising of India’s biggest banks (both public and private) alongside technology companies including IBM and Microsoft to develop and implement blockchain applications in the financial services industry.
SBI is now pressing ahead with its first implementation of the decentralized technology by using an enterprise blockchain solution for managing its Know Your Customer (KYC) system, via a new partnership with Intel that sees the technology giant become the consortium’s official technology advisor.
The enterprise blockchain will run on Hyperledger Sawtooth, a modular platform for developing and deploying blockchains, developed by Intel – a member of the open-source Linux Foundation-led Hyperledger project. The blockchain will also be supplemented by Intel Software Guard Extensions (SGX) to boost the blockchain’s privacy, security and scalability. The blockchain solution will be delivered by Primechain, an Indian blockchain startup powering the Bankchain consortium.
As reported by the Economic Times, the new blockchain solution will boost the efficiency of financial institutions without comprising on data confidentiality and transaction security.
According to SBI’s head of innovation Sudin Baraokar, the public sector bank is keen to develop blockchain use cases through collaborations with other banks to hasten the process of deploying beta platforms.
The SBI official stated:
"By leveraging blockchain components such as Intel SGX and Hyperledger Sawtooth and Primechain’s expertise to build blockchains, we can realize emerging fintech services such as P2P lending, crowdfunding and digital marketplaces that enables financial inclusion."
The consortium’s first completed project, revealed in June, saw a working group of major Indian banks develop a blockchain to share customer data. Dubbed ‘Clear Chain’, participating banks will be able to share KYC, ALM and CFT now Your Customer, Anti Money Laundering and Countering the Financing of Terrorism) details.
https://www.cryptocoinsnews.com/indias-largest-bank-goes-big-blockchain/
As a public sector bank, government-owned State Bank of India (SBI) is India’s largest banking corporation with assets over $460 billion and services in a number of areas including retail and corporate banking as well as financing and insurance. Earlier in February, SBI took the lead to establish ‘Bankchain’, India’s first financial blockchain consortium comprising of India’s biggest banks (both public and private) alongside technology companies including IBM and Microsoft to develop and implement blockchain applications in the financial services industry.
SBI is now pressing ahead with its first implementation of the decentralized technology by using an enterprise blockchain solution for managing its Know Your Customer (KYC) system, via a new partnership with Intel that sees the technology giant become the consortium’s official technology advisor.
The enterprise blockchain will run on Hyperledger Sawtooth, a modular platform for developing and deploying blockchains, developed by Intel – a member of the open-source Linux Foundation-led Hyperledger project. The blockchain will also be supplemented by Intel Software Guard Extensions (SGX) to boost the blockchain’s privacy, security and scalability. The blockchain solution will be delivered by Primechain, an Indian blockchain startup powering the Bankchain consortium.
As reported by the Economic Times, the new blockchain solution will boost the efficiency of financial institutions without comprising on data confidentiality and transaction security.
According to SBI’s head of innovation Sudin Baraokar, the public sector bank is keen to develop blockchain use cases through collaborations with other banks to hasten the process of deploying beta platforms.
The SBI official stated:
"By leveraging blockchain components such as Intel SGX and Hyperledger Sawtooth and Primechain’s expertise to build blockchains, we can realize emerging fintech services such as P2P lending, crowdfunding and digital marketplaces that enables financial inclusion."
The consortium’s first completed project, revealed in June, saw a working group of major Indian banks develop a blockchain to share customer data. Dubbed ‘Clear Chain’, participating banks will be able to share KYC, ALM and CFT now Your Customer, Anti Money Laundering and Countering the Financing of Terrorism) details.
https://www.cryptocoinsnews.com/indias-largest-bank-goes-big-blockchain/
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