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Saturday, September 9, 2017

These Startups Are Using Blockchain To Change Digital Banking In India

These Startups Are Using Blockchain To Change Digital Banking In India

After years of talk and hype, Indian banks are slowly taking the first steps toward moving a significant piece of financial infrastructure onto a so-called blockchain -- the engine that drives the cryptocurrency Bitcoin. Last October, ICICI Bank carried out India’s first international trade transaction and overseas remittances using blockchain. Since then YES Bank, Kotak Mahindra Bank and Axis Bank have also started harnessing the technological concepts underlying Bitcoin.

Financial institutions around the world have long been fascinated by blockchain technology -- created by a network of computers, where each transaction made has a digital signature that cannot be forged -- as it introduced a new way of executing and recording financial transactions without a central authority. Over the past two years, startups have begun throwing their weight around blockchain technology vying with giant Indian IT service providers such as Infosys and TCS, to create core banking platforms.

Primechain Technologies, a one-year-old startup, has created a Bankchain for banks to explore, build, and implement blockchain solutions in areas such as anti-money laundering, cross border payments, asset registry and syndication of loans. “Blockchain technology has gained traction in the banking sector in India,” says Rohas Nagpal, cofounder of the company.

“In a year, we managed to have 24 members, including State Bank of India. We hope to grow to 750 members by 2019,” he adds.

Full story at

Source: Forbes

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