India’s Yes Bank Enlists IBM to Help Build Blockchain Solutions

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India’s Yes Bank has enlisted the help of IBM for a Blockchain project that digitises vendor financing for client Bajaj Electricals.

The bank says that it has used IBM’s Hybrid Cloud technology to build a vendor financing system which allows consumer electrical equipment manufacturing company Bajaj Electricals to digitise the process for discounting and disbursal of funds to its vendors by integrating seamlessly with Yes’s systems.

The business logic and rules are captured in a Blockchain-based smart contract written by fintech startup Cateina Technologies.

Yes Bank says that this means that the entire process for bill discounting is cut from four days to almost real-time. In addition, the system ensures transparency for all parties through the shared public ledger, while the entire transaction history of a vendor is recorded and immutable.

Rana Kapoor, MD and CEO, Yes Bank, said:

“We are glad that Bajaj Electricals is undertaking this technological leap and working with us to solve the current challenges in Vendor Financing solutions by effectively utilising Blockchain capabilities.

“I strongly believe that we are only at the tip of the iceberg, and envision that Blockchain coupled with IBM’s Cognitive solution on Cloud platform will make a significant impact in the global Transaction Banking space by ensuring that the Financial Supply Chain is more robust, secure, seamlessly connected and provides a great customer experience.”

Meanwhile, the bank is also tapping IBM’s Watson Conversation service for an engagement programme for partners and external developers. The conversational agent service of IBM Bluemix cloud uses Watson APIs to create a natural language interaction for providing support on queries related to Yes Bank APIs.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) – Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, “The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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