State Bank of India (SBI) is working towards the implementation of blockchain solutions with BankChain and Intel, to achieve a safer banking system in India.
SBI, a government-owned bank with assets over $460 billion, is a founding member of BankChain, India’s first financial blockahin consortium that explore and implement blockchain solutions. It currently has 27 members in India and Middle East.
SBI is proceeding with its first implementation of blockchain using an enterprise solution for managing its Know Your Customer system (KYC).
The BankChain community is operated by Primechain Technologies, that will be delivering the entreprise-level blockchain solution running on Intel Software Guard Extensions (Intel SGX) and Hyperledger Sawtooth, an Intel developed modular platform for developing and implementing blockchain. This solution is going to enhance the efficiency of SBI’s financial transactions while ensuring the confidentiality of the data and the security of transactions.
According to State Bank of India’s Head of Innovation, Sudin Baraokar “We are breathing and living innovation every day. Blockchain is one such technology that enables more security, and agility, but the true impact of implementing it can only be determined by an open innovation strategy. The BankChain community welcomes Intel as the preferred technology advisor, to accelerate this innovation in India’s BFSI industry”.
SBI is also looking into collaborating with other banks in order to reach blockchain use cases and build beta paltforms, as Baraokar expressed “By leveraging blockchain components such as Intel SGX and Hyperledger Sawtooth and Primechain’s expertise to build blockchains, we can realize emerging fintech services such as P2P lending, crowd funding, and digital marketplaces that enable financial inclusion.”