SBI's Sudin Baraokar stated: "By next month, we should have two beta production solutions ready for use by the 27 banks. We will also invite further participation. The beta production(s) that will be ready are smart contracts and second is KYC."
About the BankChain platform, Baraokar said: "BankChain is a big move. It is getting all banks together and collaborating. It is also de-risking our investment in emerging tech, so that all banks can come and invest at once."
Baraokar said: "We (Banks) can also share knowledge and reduce the cost. We can also use each other's technical teams to take this forward. We focused on solutions that the bank does not have...things like smart contracts, which is not regulatory heavy."
Blockchain is a continuously growing public ledger of records/transactions. It is linked and secured using cryptography and cannot be modified.
Rather than storing data at one place, Blockchain uses a distributed ledger technology (DLT).
It was earlier limited to cryptocurrency transactions, but Blockchain -disruptive technology that can change the way transactions/records are maintained- is now used in banking, supply-chain, healthcare, government, agritech, etc.
According to father-son duo Don & Alex Tapscott, authors of "Blockchain Revolution" book: "The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value."