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

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Srikanth RP 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 and publisher of industry publication Blockchain News (EST 2015), partner at ICO services collective CryptoAsset Design Group ($500m+ and 50+ ICOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur.

He sits on the advisory boards of some two dozen Blockchain startups
and has written over 1500 articles on Blockchain technology and
startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat

Ad honorem - Honorary Ph.d - Chair Professor of Blockchain at
China's first Blockchain University in Nanchang at the Jiangxi Ahead
Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business
Automation 4.0 programme. Chevalier (Knight) - Ordre des Arts et des
Technologies at Crypto Chain University and on advisory board of Advisory Board Member of International Decentralized Association Of Cryptocurrency And Blockchain (IDABC) as well as Advisory Board Member at U.S. Blockchain Association.

Over a half a decade experience judging and rewarding some 1000+
innovation projects as an EU expert for the European Commission's SME
Instrument programme as a startup assessor and as a startup judge for
the UK government's Innovate UK division. Kastelein has spoken
(keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, San Mateo, San Francisco, Santa Clara, Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich

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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4 COMMENTS

  1. So, why the picture of the Indian Central Bank? SBI is government owned but still a commercial bank – no SBI photos available?

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