As SBI is set launch its Blockchain Application BankChain soon, more firms would look to utilise the advantages of the BlockChain Technology.
INDIA BANKING HEAVYWEIGHTS ADOPTS BLOCKCHAIN TECHNOLOGY
Blockchain technology which is the solid foundation behind Bitcoin and some other cryptocurrencies is becoming more ubiquitous with each passing day. Although Blockchain technology is still in its early stages, Blockchain has powerful attributes that would make it change the way institutions handle their process. From healthcare to defense, law and government, Blockchain technology could be relied upon due to Blockchain’s critical attributes like efficiency, its scam free nature, third-party elimination, low cost of transaction, authenticity, a distributed ledger and the list goes on.
In a rocket-paced world where old technologies are becoming obsolete and redundant with each passing day, it is almost impossible not to follow the winning technology- Blockchain.
The Mumbai based, State bank of India (SBI), is an Indian multinational public sector company. The SBI is an Indian government-owned Corporation, currently ranked 232nd on the Fortune Global 500 list.
Blockchain Application BankChain
In a recent development, the State bank of India announced it would launch two new Blockchain solutions in December 2017. This innovation will be the first of its kind in the Indian banking sector.
The SBI said its Blockchain Application BankChain which will be very beneficial to all participating banks and technology firms concerning research, development, and implementation of Blockchain applications in the financial industry.
SBI PARTNERS INTEL, MICROSOFT, AND IBM
BankChain is an enormous project and the SBI is poised to make this milestone Blockchain innovation, the best in the history of India financial services sector – in line with the preceding, the SBI has entered partnership deal with technology heavyweights – IBM, Microsoft, and Intel. This partnership in itself is a massive stride towards success.
The SBI said in a statement that its Blockchain based know your customer application will get into full operation in December.
In an interview session with the Economic times, Sudin Baraokar- head of innovation at SBI reiterated that smart contracts would do a great job in place of the SBI’s non-automated processes like the signing of nondisclosure agreements and IT procurement amongst other operations of the SBI.
THE FUTURE IS BRIGHT FOR INDIA
In recent times, India has been very impressive at the information technology frontiers. With this adoption of Blockchain technology by the SBI and twenty-seven other banks, expectations are high that this innovation will further boost the Indian economy, both directly and indirectly.