SBI to use Blockchain for smart contracts and KYC by next month
India's largest lender State
Bank of India BSE -1.07 % will roll out beta launches of blockchain-enabled
smart contracts by next month, according to Sudin Baraokar, head of innovation,
SBI. Blockchain-enabled Know Your Customer (KYC) will soon follow suit. These
applications are part of BankChain, a community of 27 banks, which have joined
hands to explore and build blockchain solutions for banking.
“By next month, we should have
two beta production solutions ready for use by the 27 banks. We will also
invite further participation. The beta production that will be ready are smart
contracts and second is KYC,” said Baraokar.
BankChain was formed in February with State Bank of India being the first member. It now has 22 Indian banks, including ICICI Bank, DCB Bank and Axis Bank BSE 0.51 %, and five Middle East-based banks. BankChain has tied up with Pune-based startup Primechain T ..
BankChain was formed in February with State Bank of India being the first member. It now has 22 Indian banks, including ICICI Bank, DCB Bank and Axis Bank BSE 0.51 %, and five Middle East-based banks. BankChain has tied up with Pune-based startup Primechain T ..
SBI is
also in the design phase of setting up an innovation centre in Navi Mumbai
which will explore how emerging technologies such as Artificial Intelligence
(AI), Machine Learning (ML), Robotic Process Automation (RPA), predictive
analytics, etc., can help in easing various processes in banking. The centre,
which is expected to be completed by mid next year, will house selected
startups.
“We are building an innovation centre (to explore) AI, ML, blockchain, RPA, visualisation, predictive analytics, etc. We will be having zones for these. We can start collaborating and developing these solutions. It is a physical innovation centre at our IT headquarters in Navi Mumbai. We are in the design phase. We have allocated a dedicated innovation fund. We expect to see this up by middle of next year,” said Baraokar. The centre will host hackathons, incubate startups and will also bring in vendors and internal talent to guide selected startups.
World
over, banks are looking into blockchain to come up with easy and secure
solutions for processes such as peer-to-peer payments, loans syndication, KYC,
cross-border payments and virtual currencies. “We are building an innovation centre (to explore) AI, ML, blockchain, RPA, visualisation, predictive analytics, etc. We will be having zones for these. We can start collaborating and developing these solutions. It is a physical innovation centre at our IT headquarters in Navi Mumbai. We are in the design phase. We have allocated a dedicated innovation fund. We expect to see this up by middle of next year,” said Baraokar. The centre will host hackathons, incubate startups and will also bring in vendors and internal talent to guide selected startups.
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