SBI to deploy Blockchain solutions in association with Intel

Friday, November 3 2017

SBI to deploy Blockchain solutions in association with Intel www.techgig.com | techgig.com Nov 3, 2017, 04.46 PM IST New Technologies Image Credit Continue reading
The country's largest bank, State Bank of India has decided to adopt blockchain technology. SBI is working on the implementation of blockchain solutions with BankChain and Intel Technologies.
BankChain is a community of banks in India formed to implement blockchain solutions. SBI is one of the founding members of BankChain along with 27 member banks in India and the Middle East. The enterprise business solution running on Hyperledger Sawtooth and Intel Software Guard Extension (Intel SGX) will be delivered by Primechain Technologies.
State Bank of India is keen on using the blockchain solution to improve the security and agility. The impact of implementing blockchain will be defined by the open innovation strategy. Sudin Baraokar, the Head of Innovation at SBI is confident about accelerating the innovation in India's BFSI industry using the BlockChain technology.
The blockchain technology solution will primarily help SBI in managing its KYC (Know Your Customer) details. The bank also plans to integrate the technology to enhance the efficiency of financial transactions. The end-to-end encryption, confidentiality, and security are the key reasons why banks want to adopt blockchain-based technologies to facilitate the transactions.
Intel is the preferred technology advisor to the BankChain community. While the Hyperledger Sawtooth is open source, Intel is offering its own Intel SGX to deliver a blockchain application platform. SBI also plans to tap into emerging fintech services like P2P lending, digital marketplaces, and crowdfunding.
Blockchain-based solutions will help banks in improving the security and infrastructure cost. The real-time automated settlements will save lot of hassles and offer greater transparency to bank customers. PrimeChain Technologies has a patent-pending 'blockchain and smart contracts based self-managing KYC technology'. It's great to see Indian banks adopting the innovative and secure technology like Blockchain.
- Rajat Kabade