The State Bank of India Initiates National Blockchain Bank Consortium

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The State Bank of India (SBI) has taken the initiative to push a new initiative called Bank-Chain, India’s first Blockchain exploration consortium for banks. The new group was announced in Mumbai on 8th February 2017

 writes at Express Computer, one of India’s most respected IT media brands in publication for 24 years, that the SBI believes that it is essential for banks to collaborate and develop Blockchain solutions for the betterment of the financial sector.

A spokesperson for SBI added that Bank-Chain will enable banks to explore, build and implement Blockchain solutions which can minimize fraud and maximize efficiency, security & transparency. Bank-Chain has been formed in collaboration with Primechain Technologies, a young Indian startup with a core focus on Blockchains.

“Some of the quick action Blockchain use-cases include anti-money laundering, currency exchange and remittance, KYC, digital signature, communication of financial information”, says Shinam Arora, CEO, Primechain Technologies.

Axis Bank, Central Bank of India, DCB Bank, Deutsche Bank, HDFC Bank, ICICI Bank, IDBI, Kotak Mahindra Bank and Saraswat Bank have also shown an interest in collaborating with Bank-Chain.

Some of the core benefits of Blockchain technology for the banking sector include better client satisfaction through faster, more convenient and secure services, minimization of fraud, maximization of efficiency, security and transparency, streamlining paper work, accelerated information and money flows, greatly improved auditability, streamlining paperwork and greatly improve auditability

Prasanna Lohar, Radical Change Agent, DCB Bank told Express Computer:

“There is more to Blockchain than moving money. In the recent days, the country has seen a dramatic increase in Blockchain adoption/ awareness and the government’s openness to the technology can translate to a lenient regulatory view towards the Blockchain technology. Blockchain has the potential to transform our lives through its benefits i.e. faster settlement times that are user-optimized, lower collateral requirements and counter-party risk, improved contractual term performance, greater transparency for regulatory reporting, better capital optimisation, reduction of operating costs and the fact that it is incorruptible. The recent trend is towards collaboration i.e. partnerships between competitive banks, technology companies, Fintech and regulators. This will bring benefits to consumers and the financial system. Collaboration among these different stakeholders will bring on multiple innovative and cost effective use cases in sections such as clearing & settlements , payments , smart assets , identity management, data management and data protection , AML and KYC and governance, which can lead to a sharing economy in the Indian banking sector. Post de-monetization, UPI and many other movements in innovations , Blockchain would be the “Radical Change Agent” in India.”

 

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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