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YES Bank develops blockchain solution

YES Bank said it has implemented a multi-nodal blockchain transaction system to fully digitize vendor financing for Bajaj Electricals. The implementation has been done on a blockchain-based smart contract written by fintech start-up Cateina Technologies. The bank will also leverage IBM Watson Conversation, a cloud-based cognitive service, to enhance the digital experience of partners, corporate clients and developers collaborating with them on the integrated Blockchain – API Banking platform. The bank has used the Hyperledger Fabric supported by IBM to design a vendor financing solution which allows Bajaj Electricals to digitize the process for discounting and disbursal of funds to its vendors by integrating seamlessly with YES Bank’s systems. The solution will also facilitate an automated debit from Bajaj Electricals’ account by YES Bank. The business logic and rules are captured in a smartcontract (Chain Code) developed by Cateina Technologies. The key business advantages and highlights of this blockchain implementation for vendor financing include.

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