SBI is now pressing ahead with its first implementation of the decentralized technology by using an enterprise blockchain solution for managing its Know Your Customer (KYC) system, via a new partnership with Intel that sees the technology giant become the consortium’s official technology advisor.
What is KYC
- Know your customer means all banks update information about their customers. Customer details are Phone number, Aadhar Card, PAN, Home Address, etc. These details are mandatory to update once in six months.
- Blockchain Platform to Use in KYC is Hyperledger Sawtooth
- The enterprise blockchain will run on Hyperledger Sawtooth, a modular platform for developing and deploying blockchains, developed by Intel – a member of the open-source Linux Foundation-led Hyperledger project. The blockchain will also be supplemented by Intel Software Guard Extensions (SGX) to boost the blockchain’s privacy, security, and scalability.
- The blockchain solution will be delivered by Primechain, an Indian blockchain startup powering the Bankchain consortium.BlockChain applications
- The solution will help SBI to increase the efficiency of financial transactions without having to compromise data confidentiality and transaction security.
- Intel SGX can improve blockchain privacy, security, and scalability while Hyperledger Sawtooth is open source and takes advantage of silicon features like Intel SGX to deliver a blockchain application platform.
Blockchain Technology
- Blockchain is an emerging technology that has the potential benefits to transform traditional business processes and the ways in which data is exchanged by consumers and financial institutions.
- Blockchain eliminates the need for intermediaries, improving business efficiency, and reducing cost and transaction complexity.
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Blockchain