State Bank of India to trial blockchain smart contracts for KYC processes

Wednesday 22 November 2017 09:54 CET | News

The State Bank of India (SBI) has announced plans to beta test blockchain smart contracts in December 2017, with blockchain-based know-your-customer (KYC) processes soon after.

The systems have been developed by Bankchain, a consortium of 27 banks that was launched in February 2017 to explore blockchain solutions for the banking sector. The group shares technical expertise on smart contracts and allows SBI to focus on new solutions.

The aim of the project is to enable processing simple transactions, such as non-disclosure agreements. SBI has also revealed plans to set up an innovation centre in Mumbai to explore technologies such as blockchain, artificial intelligence, machine learning, among others. The innovation center is currently in the design stage and is expected to launch by the middle of 2018.

Back in May 2017, Bankchain launched a KYC platform called ClearChain, aimed to allow banks to share information about customers. The system reportedly allows for the exchange of customer information, including data on wire transfers and investigatory reports, including Suspicious Activity Reports (SARs), according to CoinDesk.

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Keywords: State Bank of India, SBI, blockchain, smart contracts, KYC, India, banking sector, BankChain, non disclosure agreements
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies