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The State Bank of India is preparing to implement blockchain solutions in a number of financial processes including the management of its Know Your Customer (KYC) system.
As a state-owned bank, the State Bank of India (SBI) is the largest Indian banking firm with assets of more than $ 460 billion and services in a number of areas: retail banking and banking. 39, business, financing and insurance. Earlier in February, SBI created Bankchain, the first financial consortium in India made up of the largest Indian banks (public and private) and technology companies, including IBM and Microsoft, to develop and implement blockchain applications in the financial services industry .
SBI continues its first implementation of decentralized technology using a blockchain solution from the company to manage its Know Your Customer (KYC) system, via a new partnership with Intel that sees the technology giant become the official technology consultant of the company. consortium
The company blockchain will work on Hyperledger Sawtooth, a modular platform for developing and deploying blockchains, developed by Intel – a member of the Hyperledger project run by the Linux Foundation. The blockchain will also be complemented by Intel Software Guard Extensions (SGS) to enhance the privacy, security, and scalability of the blockchain. The blockchain solution will be delivered by Primechain, an Indian blockchain startup that powers the Bankchain consortium.
As reported by the Economic Times, the new blockchain solution will improve the efficiency of financial institutions without including data privacy and transaction security.
According to SBI's chief innovation officer, Sudin Baraokar, the public sector bank is keen to develop blockchain use cases through collaborations with other banks to speed up the process deployment of beta platforms.
The SBI official stated:
Taking advantage of 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, crowdfunding and places digital market.
The first project completed by the consortium, revealed in June, saw a working group of major Indian banks develop a chain of blocks to share customer data. Dubbed "Clear Chain", participating banks will be able to share KYC, ALM and CFT now Your Client, Fight Against Money Laundering and Combating Terrorist Financing)
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