BankChain was formed in February with State Bank of India being the first member. It now includes major banks like ICICI Bank, DCB Bank and Axis Bank . BankChain has tied up with Pune-based startup Primechain Technologies to create these solutions.
BankChain will enable the banks to collaborate an introduce blockchain based solutions that will be easier to operate and be more secure. It also enables banks to de-risk by embracing emerging tech, and lower costs and share technical knowledge by coming together to invest and innovate.
The trend of using blockchaing in financial transactions and processes is fairly extensive and is being used worldwide. Banks are looking into blockchain to come up with easy and secure solutions for processes such as peer-to-peer payments, loans syndication, KYC, cross-border payments and virtual currencies.