As a public sector bank, government-owned State Bank of India (SBI) is India’s largest banking corporation with assets over $460 billion and services in a number of areas including retail and corporate banking as well as financing and insurance. SBI is gearing up to use blockchain technology in number of financial processes the significant being the government mandated- Know Your Customer or KYC. system.
SBI or State Bank of India is managing this system, via a new partnership with Intel that sees the technology giant become the consortium’s official technology advisor.
The enterprise blockchain will run on Hyperledger Sawtooth, a modular platform for developing and deploying blockchains, developed by Intel – a member of the open-source Linux Foundation-led Hyperledger project. The blockchain will also be supplemented by Intel Software Guard Extensions (SGX) to boost the privacy, security and scalability. The blockchain solution will be delivered by Primechain, an Indian blockchain startup powering the Bankchain consortium.
SBI’s head of innovation Sudin Baraokar stated that the public sector bank is keen to develop blockchain use cases through collaborations with other banks to hasten the process of deploying beta platforms.
According to a SBI Official-
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, crowdfunding and digital marketplaces that enables financial inclusion.
The consortium’s first completed project, revealed in June, saw a working group of major Indian banks develop a blockchain to share customer data. Dubbed ‘Clear Chain’, participating banks will be able to share KYC, ALM and CFT now Your Customer, Anti Money Laundering and Countering the Financing of Terrorism) details.