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India will test Blockchain Smart Contracts next month

The State Bank of India (SBI) is planning to begin beta-launch of smart contracts by next month, and will soon start working with blockchain-based know-your-customer (KYC) processes.

20.Nov.17 1:15 PM
By Daria Zaytseva


India will test Blockchain Smart Contracts next month

According to Sudin Baraokar, the chief of innovation at SBI, these systems were developed by Bankchain, a consortium of 27 banks that was launched in February to study blockchain solutions for the banking sector.

Baraokar said that the beta launch of smart contracts in the bank's processes will allow "simple things", such as non-disclosure agreements.

Speaking about the advantages of the Bankchain project, Baraokar said that the group shares technical expertise and allows SBI to focus on new solutions. These include smart contracts, which, he said, are "not regulatory heavy."

SBI also demonstrated plans to create an innovative center in Mumbai to explore new technologies such as blockchain, artificial intelligence, machine learning and others. It is expected that the hub will host hackathons and incubate startups, using both internal experts and external vendors.

According to Baraokar, the innovation center is currently in the design stage, and it is expected that it will be launched by the middle of next year.

In May, Bankchain launched the KYC platform called ClearChain, aimed at allowing banks to share information about customers. It is reported that the system allows for the exchange information about the client, including data on bank transfers and investigation reports, including Suspicious Activity Reports (SARs).

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