Topic: [2017-11-03] India’s Largest Bank Goes Big on Blockchain (Read 3777 times)

The authorities of India have long speculated about the expediency of using crypto currency and voiced various fears, but it seems that they made the right decision. Considering the considerable territory of India, and even more population, such a solution will be a good support for the crypto currency and has a huge potential for development.

This is really a huge step for India and they just did not embrace it but also their banks are going to use this cool blockchain technology. This is what those skeptic countries should see on how bitcoin will help their people.

Great news. But it is hard to know what Bitcoin in India could be on the next years. They have a great capacity to get bit on Bitcoin mining and there is a lot of people that could start making a small investment on Bitcoin. But their government have some doubts about the possibilities of allowed people investing big money.

It's amazing for them, but there is not much interesting going on that will contribute to more appreciation for our crypto market. Financial institutions have always said to like the blockchain as technology, so that's nothing new here. It's just a matter of time before they shift to a system that fully or almost fully works through their own centralized blockchain. Ultimately, it's Satoshi (whoever he or they are) that should be proud that it's his/their invention that is forcing through major changes in the financial world. Aside from the financial world, there are a lot more sectors that will eventually incorporate blockchain technology.

 Finally! I was wondering when that would happen. It's amazing how cryptoworld makes the banks change their policy and adapt.

Just not sure what is happening there because the largest bank is being going on block chain and on the other hand Govt has decided to crackdown the the dealers of cypto currencies in India. Thus this means they would place a ban in coming time . So now will this bank still test more needs to be checked out?

https://economictimes.indiatimes.com/markets/stocks/news/war-on-bitcoin-govt-panel-seeks-crackdown-on-crypto-currency-dealers-in-india/articleshow/61450361.cms

It is really a good thing that banks are seeing the potential and use of the block chain technology, which only means that they also know that block chain is a process that is hard to manipulate. This will still have an indirect effect on the prices of bitcoin, even though it is not a direct support for the coin it still implies that the technology that bitcoin is using for its transactions are legitimate.

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.




Source: https://www.cryptocoinsnews.com/indias-largest-bank-goes-big-blockchain/