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State Bank of India picking blockchain for KYC

State Bank of India (SBI) is implementing blockchain technology for the management of Know Your Customer (KYC) details in its systems, according to The Economic Times.

SBI is a founding member of BankChain, a blockchain consortium initiative by Indian banking majors formed in collaboration with blockchain startup Primechain Technologies. The consortium has grown to 27 members in India and the Middle East.

Bankchain and which completed the work on its first blockchain project in May, under the name of Clear-Chain (c2).  This project is a permissioned blockchain for integrated and shared KYC (Know Your Customer) and AML/CFT (Anti-Money Laundering and Counter Terrorism Financing).

Primechain Technologies’ solution runs on Hyperledger Sawtooth and Intel Software Guard Extensions (Intel SGX). The bank aims to enhance the efficiency of financial transactions without the need to compromise data confidentiality and transaction security.

“The BankChain community welcomes Intel as the preferred technology advisor, to accelerate this innovation in India’s BFSI industry,” said Sudin Baraokar, head of innovation, State Bank of India. “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 enable financial inclusion.”

“The key benefits of blockchain technology for banks include greatly improved security, reduced infrastructure cost, greater transparency and auditability, and real-time automated settlement,” Shinam Arora, co-founder of Primechain said.

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