Hitachi and State Bank of India Announce Launch of Their Own Blockchain System

October 30, 2018

Affiliate company of the Japan-based technological giant Hitachi, Hitachi Payments, has declared partnership with the State Bank of India (SBI) to develop a blockchain platform for Internet-of-Things, as was reported in the company’s official media-release this Monday, October 29.

Along with the announced projects Hitachi Payments presented start of the IoT-platform Lumada. According to the official paper, the solution is based on blockchain technology with Proof-of-Concept (PoC) protocol and was designed to establish supply chain management system. note that last year the company test launched this platform.

The document highlights that the purpose of the collaboration between Hitachi Payments and SBI is in applying new technological solutions for further progress in the sector of digital services in India. The report also says that Hitachi Payments is going to acquire 26% of shares of SBI’s affiliate, SBI Payments, which is the largest ATM provider in the country.

In addition, since November 2017 SBI has been developing a blockchain solution for KYC (Know Your Customer) protocols, while Hitachi together with the India’s major communications operator KDDI tested retail coupon settlement system with Hyperledger Fabric at the basis and biometric technologies.

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