BankChain is a platform for banks for exploring, building and implementing blockchain solutions. BankChain was announced on 8 February 2017 by State Bank of India (SBI), India's largest bank. According to M Mahapatra, deputy managing director, SBI, “Being the largest bank, SBI has taken the lead in initiating blockchain, and we are in talks with banks and other companies for this.“
The goal of Bankchain is to enhance efficiency and bring transparency and security in the banking industry.
The primary purpose of the proposed Bankchain is to facilitate information sharing among the banking institutions that are part of the network. It is expected to help the organizations tackle frauds while streamlining the lending process. The initial application of Bankchain will involve trade finance sector, preventing businesses from presenting merchant discounts bills showing the same invoice to multiple banks.
Bank-Chain will enable banks to explore, build and implement Blockchain solutions which can minimize fraud and maximize efficiency, security & transparency. Bank-Chain has been formed in collaboration with Primechain Technologies, a young Pune-based startup with a core focus on Blockchain technologies.
- State Bank of India
- ICICI Bank
- DCB Bank
- Kotak Bank
- Federal Bank
- Deutsche Bank
- UAE Exchange
- Emirates NBD
- Lulu Exchange
- RAKBANK (National Bank of Ras Al-Khaimah)
- South Indian Bank
- National Payments Corporation of India
- Saraswat Bank
- RBL Bank
- TJSB Sahakari Bank
- Bank of Baroda
- Mahindra & Mahindra Financial Services Limited
- Export-Import Bank of India
- Al Fardan Exchange
- IndusInd Bank
- Riviera Investors (NBFC)
- Axis Bank
- Yes Bank
BankChain membership benefits
BankChain members are entitled to several benefits including:
- Access to mChain
- Access to dedicated Yobichain
- Access to source code of BankChain projects.
- Invitation to exclusive Blockathons and technical training sessions.
- Access to exclusive discussion forums.
- Exclusive access to training materials.
- Two VIP invites to the annual Future Money Conference.
- Nominate members to various BankChain committees
The active projects for 2017 include Shared KYC / AML, Syndication of loans / consortium lending, Trade finance, Asset registry & asset re-hypothecation, Secure documents, Cross border payments, Peer-to-peer payments, Blockchain Security Controls.<ref name=ext />
BankChain active projects
|1||Shared KYC / AML / CFT||
|2||Syndication of loans||
|6||Cross border payments||
|8||Blockchain Security Controls||
|10||Virtual currency||Blockathon on Version 1.0 alpha 1 (11 October, 2017)|