State Bank of India taps blockchain tech for KYC management

Friday 3 November 2017 10:04 CET | News

State Bank of India (SBI), an Indian public sector banking and financial services company, has announced plans to implement blockchain technology for KYC management.

The bank is a founding member of a blockchain consortium initiative by Indian banking majors called BankChain, formed in collaboration with Primechain Technologies, a blockchain startup. The consortium has grown to 27 members in India and the Middle East.

Primechain will deliver an enterprise blockchain solution that runs on Hyperledger Sawtooth and Intel Software Guard Extensions (Intel SGX). Its patent pending ‘blockchain and smart contracts based self-managing KYC technology’ would be used for the solution. Thus, the solution enables the bank to enhance the efficiency of financial transactions without the need to compromise data confidentiality and transaction security.

In May 2017, BankChain completed the work on its first blockchain project – Clear-Chain (c2) – which is a permissioned blockchain for integrated and shared KYC (Know Your Customer) and AML/CFT (Anti-Money Laundering and Counter Terrorism Financing).

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: State Bank of India, SBI, KYC, blockchain, hyperledger, Intel, AML, Clear Chain, cryptocurrency, India
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies