- 08 Jul, 2018
Bank-chain is a financial blockchain consortium led by State Bank of India (SBI) to explore, build, and implement blockchain solutions. The consortium is open for banks, NBFCs, payment banks and other financial institutions. Primechain Technologies with Microsoft and Finesse manage this exploration.
Blockchain in Banking
Blockchain technology is the most disruptive technology transforming various industries. Banking and finance is at the forefront of all other sectors. Blockchain can potentially reduce instances of fraud and maximize security, efficiency, auditability, and transparency in the banking operations. It lowers administrative cost by reducing paper work and streamlines the flow of information as well as money.
Who are Bank-chain members
India’s largest bank, SBI leads and collaborates with consortium members to develop blockchain solutions for creating a better banking and finance sector. The consortium members include Axis Bank, DCB Bank, NPCI, Deutsche Bank, ICICI Bank, Federal Bank, Kotak Mahindra Bank, Yes Bank, IndusInd Bank, RBL Bank, Bank of Baroda, Export-Import Bank of India, South Indian Bank, TJSB Sahakari Bank and others. It also includes international financial agencies such as UAE Exchange, Emirates NBD, RAKBANK, Al Fardan Exchange, Riviera Investors, and Lulu Exchange among several others.
Prime solution provider
Primechain Technologies, a blockchain startup by Mr Rohas Nagpal and Shinam Arora envisions of building blockchains for a better world. This innovative company provides blockchain powered solutions to secure storage and maintenance of digital contracts. It manages Bank-chain community allowing banks to explore, build and implement blockchain based solutions. This start-up also conducts Future Money Conference and BlockZero conferences to reinforce its core of leading social and economic revolution through blockchains.
Bank-chain has the potential to radically transform Indian banking and finance sector. It aims at reducing operational cost and improve speed, accuracy, security, and transparency of financial transactions. It is a collaborative initiative involving different financial agencies to provide blockchain based cost-effective and innovative financial solutions. It allows its members to protect and manage data effectively, settle transactions quickly and share KYC (Know Your Customer) and AML/CFT (Anti-Money Laundering and Counter Terrorism Financing) for fraud minimization. The Bank-chain project will certainly accelerate India’s growth on the rapidly evolving global fin-tech platform.