[2017-02-16] ET: SBI takes lead in blockchain, to use it to prevent fraud

[polynesia]

SBI takes lead in blockchain, to use it to prevent fraud

http://economictimes.indiatimes.com/markets/stocks/news/sbi-takes-lead-in-blockchain-to-use-it-to-prevent-fraud/articleshow/57178212.cms

State Bank of India has taken the lead in bringing lenders and tech companies together for using blockchain technology to share information among banks which will eventually help prevent frauds and tackle bad loans which are almost one-fifth of banks' loan book.

The SBI's initiative, christened Bankchain, is in partnership with IBM, Microsoft, Skylark, KPMG and 10 commercial banks. The country's largest lender has also tied up with a startup firm Prime chain Technologies for this exercise. Axis Bank, ICICI Bank and Federal Bank, which are experimenting with this technology in some way or the other, have teamed up with SBI as well.

Blockchain, the technology behind cyber currency Bitcoin, follows the concept of a centralised registry that can be accessed by all members, and every event is registered as an unalterable 'block'. “Being the largest bank, SBI has taken the lead in initiating blockchain, and we are in talks with banks and other companies for this,“ said M Mahapatra, deputy managing director, SBI, confirming the development to ET.

[DDS1]

That's nice for Indian people. Give the big opportunity for Indian people. Maximum people are connect with this platform. I think this is great.

[Rammortal]

Yeah, heard that. That's a great news. SBI rolling out the system with the name of bank-chain collaborative with the couple of banks. SBI hardly beliving the block chain technology. They have more benefits by using the block chain technology. Paperwork can be reduced, also transparency is the main thing here. Cheers  

[rajasumi3]

Thats a great news .i hope that other indian bank companies will also take the initiative as soon as possible and people will get the benefit of it .the most advantage of it that paperwork will decrease a lot and the system will become more independent.

[bitcoinisbest]

I think all the banks if come under one platform and then use their technology would be the ideal as its will be a standard process for all banks to follow and it will help in money transfer and reducing the work as well.