State Bank of India Launches Blockchain Technology-Based Know Your Customer System
The State Bank of India (SBI) has announced that it is due to implement Blockchain technology in the management of Know Your Customer (KYC) protocols. The Indian bank has partnered with a Blockchain company to develop the enterprise solution that employs smart contracts to self-manage KYC protocols.
The Blockchain-based platform will provide SBI an effective solution to boost the efficiency of transactions without compromising either the deals’ security or the confidentiality of its users. Because of its adoption of Blockchain, the bank has joined the growing number of financial institutions which adopted the technology in their operations to cut costs and improve customer services.