State Bank of India to Implement Blockchain KYC Solutionbr>
The State Bank of India (SBI) will be implementing blockchain technology for know-your-customer (KYC) procedures. The bank has teamed with BankChain and Intel to facilitate the implementation.
BankChain is India’s first blockchain consortium for banks. Bankchain’s goal is to enhance efficiency and bring transparency and security in the banking industry. BankChain members include State Bank of India, ICICI Bank, DCB Bank, Kotak Mahindra Bank, Federal Bank, Deutsche Bank and UAE Exchange among others.
Primechain Technologies, the company that operates the BankChain community, will deliver an enterprise blockchain solution that runs on Hyperledger Sawtooth, a modular platform for building, deploying, and running distributed ledgers, and Intel Software Guard Extensions (Intel SGX), a technology that can improve privacy and security within a blockchain network. Primechain’s patent-pending ‘blockchain and smart contracts-based self-managing KYC technology’ would be used for the solution.
The solution will enable SBI to increase the efficiency of financial transactions without having to compromise on data confidentiality and transaction security.
SBI Innovation Head Sudin Baraokar said that blockchain is one such technology that enables more security and agility. But the true impact of implementing it can only be determined by an open innovation strategy.
“The BankChain community welcomes Intel as the preferred technology advisor, to accelerate this innovation in India’s BFSI industry,” said Baraokar. “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 enable financial inclusion.”