Indian Banks looking out for Blockchain

Good news for Blockchain enthusiasts in India

In recent times, blockchain is gaining huge popularity all over and particularly in financial sectors.

Due to it’s high security and transparency alike features, Indian banks are also eyeing on it.

The State Bank of India (SBI), India’s largest bank  has stood up  to push a new initiative called Bank-Chain, India’s first association of banks to explore and research the key technology behind, Bitcoin, world’s first decentralized crypto currency i.e, “Blockchain”.

This new group was announced in Mumbai on 8th February 2017.

It is believed by SBI that it is essential for banks and financial institutions to collaborate,develop and put to use  Blockchain solutions to improve the working of financial sectors.

Accordint to a spokesperson of SBI,  Bank-Chain will help banks to explore, build and implement Blockchain solutions which can minimize fraud and maximize efficiency, security & transparency.

Bank-Chain has been formed in partnership with Primechain Technologies, an Indian startup having its niche in BlockChain.

Some of the banks like Axis Bank, Central Bank of India, DCB Bank, Deutsche Bank, HDFC Bank, ICICI Bank, IDBI, Kotak Mahindra Bank and Saraswat Bank have shown an interest in collaborating with Bank-Chain.

Some of the core benefits of Blockchain technology for the banking sector include:

-minimization of fraud

-improving efficiency

– better client satisfaction through faster and secure services,

-fast processing of paper work

-security of data,

-and many more.

Blockchain is also being stalked by other sectors like music,insurance,real estate, etc and time will tell how will it be adopted by them. As of now, it is being loved mostly by financial sector all over the world.

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