From banks to insurance companies to even conglomerates, there is a surge of interest in an emerging technology called Blockchain. This is seen particularly in the banking sector in India.
The reasons are obvious - a report from Santander InnoVentures claims that banks can slash infrastructure costs by US $15-20 billion by 2022, by eliminating redundant activities. While the benefits are huge, there are not many use cases, which has made banks evaluate the possibilities of using Blockchain, by undertaking a series of pilots.
Says Nitin Chugh, Head, Digital Banking, HDFC Bank, “We are evaluating different types of use cases on Blockchain such as trade finance and KYC. These are early days for Blockchain, and we have not come across too many mature models in India, where you can go and implement certain use cases right away. We are also interested in the whole network Blockchain where multiple banks come together on the Blockchain technology.”
While there are few established use cases, some banks like the SBI have huge ambitions with respect to Blockchain. India’s largest bank, the State Bank of India (SBI) wants to build a SBI Blockchain platform for payments remittance and trade finance, as the first set of use cases.
Says Sudin Baraokar, Head Innovation, State Bank of India, “We want to be the biggest Blockchain player in the long term. In banking, we can use it for payment remittances, trade finance, asset inventory audit, AML (Anti Money Laundering), smart contracts and land record validation.”
This story is from the February 2017 edition of Express Computer.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the February 2017 edition of Express Computer.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
How Big Basket Is Leveraging Emerging Tech For Streamlining Delivery
A perfect combination of focused strategy, market knowhow, customer centricity, and most importantly, the right technology, has led to Big Basket's dominance in online grocery space
Technology raising the bar in higher education
From app-based learning to virtual classrooms and from AI to analytics, the higher education industry in India is driven by increasing technology adoption
Speaking about the EDGE
BY ESTABLISHING IT deployments for cloud-based services in edge data centres located in localised areas or communities, IT resources are effectively brought closer to end users and devices
REDEFINING DATA CENTRES
A look at how some of India's leading organisations are heralding transformational changes in their data centre operations
Need to define outcomes before making data centre software defined
THERE IS A NEED to clearly define the outcomes from adopting the software defined concept; a necessary mechanism to regularly review and revise the outcomes should also be built, says Manoj Gautam, VP - IT Infrastructure Service, Maruti Suzuki India
ICICI Bank: Unique distinction of a platinum rated green data centre
PROVIDING A MAJOR impetus to CII- Indian Green Building Council's (IGBC) efforts in greening of Indian data centres, ICICI Bank Data Centre in Hyderabad has gained the unique distinction of becoming India’s first Platinum rated project under IGBC Green Data Centre Rating System
Data centre rationalises computing resources at Titan Company
TITAN HOSTS A complex IT architecture. The data centre team has been trained by the OEMs to run the software-defined infrastructure, says Krishnan Venkateswaran, Chief Digital and Information Officer, Titan Company
Bajaj Housing Finance goes with 100% cloud architecture
BAJAJ HOUSING FINANCE has moved the entire enterprise IT ecosystem 100 per cent on public cloud, leading to flexible architecture for its business applications, data warehousing and analytics, which is high performing, rapidly scalable and secure
The top barriers financial institutions face in their race to digital transformation
WHY ARE DIGITAL business transformations failing to deliver value? Low double digit percentage of IT leaders have seen sustained performance improvement from transformation efforts, and are successful at sustaining change
Mercedes-Benz banks on digital initiatives for competitive advantage
MERCEDES BELIEVES THAT CONNECTED, Autonomous, Shared and Services, Electric (CASE)are the four concepts that will shape the future of driving. While design has been a fancy for Mercedes, tech and IT is as significant. And if touch controls seem too tedious to operate then the company now brings out gesture control
