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State Bank of India....... Launches Blockchain Technology-Based KYC System


The State Bank of India (SBI) has announced plans to implement Blockchain technology in the management of Know Your Customer (KYC) protocols. The Indian bank has partnered with a Blockchain company to develop the enterprise solution that employs smart contracts to self-manage KYC protocols.

The application will provide SBI an effective solution to boost the efficiency of transactions without compromising either the deals’ security or the confidentiality of its users. 

The bank which aims at efficiency in the indian banking and financial services industry hopes to enjoy the benefit of blockchain which include improved transparency, lower infrastructure cost, better transaction security, auditability and real-time automated settlement.”  

The bank, report says is also planning to partner with other banks for the creation of Blockchain platforms aimed at improving the efficiency of existing bank services.  It also announced the selection of intel as the technology advisor to facilitate industry-wide blockchain integration.

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