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SBI to use Blockchain for KYC

Trying to find their feet amidst a tsunami of fin-tech challengers; and a drought of trust and transparency witnessed recently in unmistakable terms; banks may find technology more as a wheel than a spanner if they grab it well and fast.

Like State Bank of India (SBI) that went gutsy in applying blockchain for KYC system last year or other banks joining consortiums like the BankChain.

With 7 members and 10 live projects, this endeavour can demonstrate a lot of applications with projects happening in cross-border remittance, LoU, Bank Guarantees, document verification and storage, invoice discounting, KYC, NPAs etc.

All that the industry needs now is more speed and less guess-work/lab-work.

Akamai and MUFG Announce Blockchain-Based Payment Network

MobiKwik launches UPI on its platform; Offers its own VPA handle ‘@ikwik’