[2017-05-30] ToI: First blockchain project ‘Clear-Chain’ is underway

First blockchain project ‘Clear-Chain’ is underway

http://timesofindia.indiatimes.com/business/india-business/first-blockchain-project-clear-chain-is-underway/articleshow/58901149.cms

BankChain, the consortium of banking majors including SBI, ICICI Bank and DCB Bank has completed work on its first blockchain project. A blockchain is a decentralised and distributed digital ledger that records transactions across many computers in such a way that the registered transactions cannot be altered retroactively.

Titled Clear-Chain (c2), it is a permissioned blockchain for integrated and shared KYC, AML and CFT (Know Your Customer, Anti Money Laundering and Countering the Financing of Terrorism). While Clear-Chain is being tested across member banks, 4 others are expected to be completed in the next 4 months.