India’s First Blockhain based Banking product, BANK-CHAIN kicks off

BankChain, India’s first Blockchain based banking platform has started to function.

BankChain is the product which is built by the consortium of Banks including State Bank of India, ICICI Bank and DCB Bank.

The first project named Clear-Chain(c2) is a permissioned blockchain platform for integrating and sharing  valuable data like :

• KYC (Know Your Client),
• AML (Anti-Money Laundering)
• CFT (Countering the Financing of Terrorism),
• Investigation reports,
• Suspicious transaction reports, and
• Cross border wire transfer reports  among the participating banks.

While Clear-Chain is being tested by member banks, Four other banks are expected to join the consortium in the next 4 months.

All the Records and data is available to all the participating members as soon as they join into Clear-Chain.

KryptoMoney.com posted an article few months ago about how banks like SBI and ICICI were exploring the Blockchain Technology. Banks forming a consortium to develop the blockchain based product called Bank-Chain was explained in the article. Click here to read the article.

Shinam Arora, CEO of Primechain Technologies, the company which is developing the blockchain based platform for the consortium said “Once implemented (bank-chain), the benefits of blockchain technology include maximization of efficiency, security & transparency and minimization of fraud”

SBI has 4 dedicated resources which are working with BankChain. “We want to develop the largest blockchain platform in the world and are setting up a Collaborative Innovation Centre. We have launched SBI National Hackathon for startups and developers who are working in emerging technologies like Blockchain, Artifical Intelligence, Machine Learning. For blockchain in particular, we will not get fruition without the involvement of other banks,” said Sudin Baraokar, head, innovation, SBI.

Apart from Clear-Chain, the consortium is also working on other projects like syndication of loans, cross border payments, peer to peer payments, asset registry. “We are exploring how blockchain can help in reducing fraud where a borrower takes a loan against the same asset from multiple banks. We are also looking at inward remittances and the use of blockchain as an alternative to systems like SWIFT. We will first look at INR payments where FEMA regulations are not involved,” said Baraokar.

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