India Sees KYC Blockchain Lift-Off via BankChain Consortium
India’s BankChain consortium, a working group of major Indian banks developing blockchain solutions completed its first project ‘Clear-Chain’, a platform to share customer data. Clear Chain is the product of a banking consortium led by government-owned State Bank of India (SBI), India’s largest bank, which launched the financial banking blockchain working group ‘Bankchain’ in February this year. Although led by a public-sector bank, the consortium also includes India’s largest banks such as HDFC, ICICI and Axis, among several others. The consortium also includes blockchain specialists and....
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India’s largest bank is spearheading a newly unveiled consortium focused on blockchain applications. According to local news outlets, the State Bank of India – which Fortune says held nearly $450bn in assets as of last year – is partnering with several technology firms and a group of domestic commercial banks on a new initiative dubbed ‘Bankchain’. IBM and Microsoft will reportedly be providing technical assistance for the group as it explores ways to leverage blockchain to reduce fraud and improve operational efficiency. IBM has previously announced partnerships with Indian companies....
Japan’s first blockchain industry organization, the Blockchain Collaborative Consortium (BCCC), sees 34 companies as founding members coming together. BCCC will help promote blockchain solutions and innovation to the public as well as working with other blockchain organizations from around the world. The likes of Microsoft Japan and Ethereum-coder collective ConsenSys together with an array of Japanese Fintech startups and technology companies have banded together to form the Blockchain Collaborative Consortium. In a statement via a press release, the consortium highlighted blockchain....
A group of 21 financial investment companies and five blockchain technology firms have signed a memorandum-of-understanding (MoU) to develop distributed ledger solutions as a blockchain consortium. Announced yesterday, the blockchain consortium is led by the Korea Financial Investment Association and sees a number of financial institutions and Fintech firms collaborate to form a blockchain think tank for the Korean capital market. According to Business Korea, the IT Committee of the association will be sharing its blockchain case studies and results of its technical research with the....
The concept of bankchains is quite appealing to people active in the financial sector, but the inherent issues and questions associated with this tool need to be addressed first. Besides issuing currencies over the bankchain, the ability to issue different products can also be a powerful tool. Even though hardly anyone in the Bitcoin community is in....
The State Bank of India, hereinafter SBI, is actively seeking to promote information sharing among banks in the country using Blockchain technology. Dubbed ‘Bankchain,’ the initiative aims to target bad loans and fraud which “make up one-fifth of banks’ loan book,” Economic Times India reports. “Being the largest bank, SBI has taken the lead in initiating Blockchain, and we are in talks with banks and other companies for this,” M Mahapatra, SBI’s deputy managing director, told the publication. He added that the first step was the creation of a forum for digitizing loan and trade finance....