India’s first massive blockchain implementation: SBI to use blockchain for smart contracts

This December, State Bank of India will roll out beta launches of blockchain-enabled smart contracts.

“..we should have two beta production solutions ready for use by the 27 banks. We will also invite further participation. The beta production that will be ready are smart contracts and second is KYC. We focused on solutions that the bank does not have…things like smart contracts, which is not regulatory heavy.” [source]

Powered by BankChain

These applications are driven by BankChain, a platform for banks for exploring, building and implementing blockchain solutions. BankChain was announced on 8 February 2017 by State Bank of India (SBI).
BankChain members include State Bank of India, ICICI Bank, DCB Bank, Kotak Mahindra Bank, Federal Bank, Deutsche Bank and UAE Exchange etc.

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