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 in excess of $460 billion. It is also involved in additional services such as 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. (Source: Cryptocoinsnews.com)