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.”
Bu hikaye Express Computer dergisinin February 2017 sayısından alınmıştır.
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Bu hikaye Express Computer dergisinin February 2017 sayısından alınmıştır.
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