State Bank of India Launches New Blockchain Finance Consortium
India’s largest bank is spearheading 'Bankchain' – a newly unveiled consortium focused on blockchain applications.
India’s largest bank is spearheading a newly unveiled consortium focused on blockchain applications.
IBM and Microsoft will reportedly be providing technical assistance for the group as it explores ways to leverage blockchain to reduce fraud and improve operational efficiency.
IBM has previously announced partnerships with Indian companies focused on blockchain development. Primechain Technologies, a blockchain startup based in Mumbai, is also said to be working on the Bankchain project.
Other institutions said to be part of the project or interested in joining include Axis Bank, ICICI Bank, Kotak Mahindra Bank – all institutions that have experimented with the tech in the past, including a recent trial focused on know-your-customer (KYC) applications in which India’s biggest stock exchange was involved.
M Mahapatra, a representative for the State Bank, told The Economic Times:
STORY CONTINUES BELOW
Recommended for you:
- WazirX Hacker Moves $32M Stolen Ether in Four Days to Tornado Cash as Binance Denies Founder’s Claims
- Flappy Bird Foundation Flaps Back at Critics, Says Reboot Game Is True Successor of the 2013 Hit
- OKX Singapore's New CEO Says Custodian Arrangements Were ‘Most Important, Most Difficult’ Part of MPI License
- 134
Blocks image via Shutterstock