SBI adopte la technologie Blockchain pour optimiser KYC

The State Bank of India (SBI), a government-owned corporation providing banking and financial services, will implement blockchain technology in collaboration with BankChain and Intel in order to handle Know Your Customer (KYC) information.

BankChain is a platform with 27 banks and financial service providers in India and the Middle East. It was initiated by SBI and includes names like ICICI Bank, DCB Bank, Federal Bank, Kotak Bank, Deutsche Bank, UAE Exchange, and others. The goal of the community is to explore and adopt blockchain for various processes within the banking industry.

BankChain is managed and operated by Primechain Technologies Pvt Ltd, an Indian startup that develops blockchain-based solutions. They will be responsible for building a system for SBI, which will work on Hyperledger Sawtooth and Intel Software Guard Extensions (Intel SGX).

The system, built by Primechain Technologies, will deliver the State Bank of India a method to improve transactions, increase security, and maintain data confidentiality.

Déclarations des experts

Sudin Baraokar, Head of Innovation at SBI, said:

“We are breathing and living innovation every day. Blockchain is one such technology that enables more security, and agility, but the true impact of implementing it can only be determined by an open innovation strategy. The BankChain community welcomes Intel as the preferred technology advisor, to accelerate this innovation in India’s BFSI industry.”

According to him, the State Bank of India is ready to collaborate with other banks for more blockchain use cases:

“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.”

Intel SGX is a technology that can improve privacy and security within a blockchain network. It maintains security by protecting the code from eventual modifications.

Rick Echevarria, Vice President of Software and Services Group at Intel Corporation, said:

“Blockchain is an emerging technology that has the potential to transform traditional business processes and the ways in which data is exchanged by consumers and financial institutions. Blockchain eliminates the need for intermediaries, improving business efficiency and reducing cost and transaction complexity.”

Shinam Arora, the co-founder of Primechain, said:

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