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SBI to introduce blockchain-based services

State Bank of India is expected to come out with blockchain-enabled smart contracts by December. Sudin Baraokar, the bank’s head of Innovation, told a conference that the bank will introduce a blockchain-enabled KYC.  This and other blockchain-enabled initiatives are being undertaken by BankChain, a community of 27 banks, which have joined hands to explore and build blockchain solutions for banking. Baraokar said by December, the bank would introduce beta production solutions for use by the 27 banks. The beta production that are getting readied are smart contracts and second is KYC, he added. Baraokar also said BankChain is a big move and it is getting all banks together and collaborating. It is also de-risking the investment in emerging tech, so that all banks can come and invest at once.

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