The State Bank of India Launching Two Blockchains for the Banking System

November 20, 2017

The State Bank of India Launching Two Blockchains for the Banking System

The State Bank of India is going to launch 2 blockchains next month. They will be used by the 27 largest Indian banks, which are in the consortium 'BankChain'.

The State Bank of India is the largest banking corporation in India with assets of more than $460 billion. It initiated the creation of the first financial blockchain consortium called BankChain, where participating banks conduct research, develop and implement blockchain in the financial industry.

According to Head of innovation Sudin Baraokar, the consortium intends to use its blockchain applications with two beta versions for smart contracts and a common platform for the client next month.

Speaking about the options for using smart contracts, Baraokar named the processes that can be automated.

"Many internal processes can be carried out via smart contracts," said Baraokar.

Collaboration of Indian banks in the field of blockchain technology is a big step for the entire banking sector in India. It will help to learn from each other's experiences in order to continue developing.

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