India’s Bank starts blockchain smart contracts in December

The State Bank of India will release two blockchain production-ready beta solutions, which are ready for use to BankChain consortium
20 November 2017   276

State Bank of India will release beta launches of blockchain-enabled smart contracts by next month. Blockchain-enabled Know Your Customer (KYC) will soon follow that example. These applications are part of BankChain, a community which constitutes 27 banks, which unite forces to explore the technology of blockchain as well as its advantages in the financial realm.

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... we 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. We focused on those solutions.

 

Sudin Baraokar

Head of innovation, SBI

Smart contracts are essentially contracts which use blockchain, a distributed and decentralised ledger, to uphold contracts between parties. The code and agreements are public, therefore traceable and irreversible and accordingly do not need any enforcement agency.

Smart contracts can be used for simple things like non-disclosure agreement... rather than signing forms. A lot of internal processes can be contracted. We do a lot of IT procurement, a lot of it can be implemented using blockchain.

 

Sudin Baraokar

Head of innovation, SBI
 

BankChain was created in February with State Bank of India being the first member. Now it comprises 22 Indian banks. BankChain has attached with Pune-based startup Primechain Technologies to develop these solutions. At the moment the BankChain attracts partners for further development.

Swansea Hosts Blockchain and Distributed Energy Conference

The BEW'18, which will be held on February 19, 2018 in Swansea, UK, is a must-attend for people who are interested in the cutting edge of blockchain
19 February 2018   214

The Blockchain Energy Wales'18 Conference will be held on February 19, 2018 in Swansea, United Kingdom.

The conference will introduce Klenergy and their Pylon Network, which is a decentralised energy exchange platform powered by renewable energy. The BEW'18 is a must-attend for people who are interested in the cutting edge of blockchain, distributed energy, peer2peer and smart technology.

BEW conference location swanseaBEW'18 Exact Location

Location: TechHub Swansea, 221 Stryd Fawr, Swansea SA1 1NW, UK
Time: from 9AM to 1.30PM

The headline speakers include Paul Harwood, Basicincome supporter and advocate, and David Clubb, director of RUKCymru and head of digital RenewableUK.

The agenda of the conference is as follows: Blockchain technology and its application in the energy sector, future of blockchain wallet systems, buildings as power stations, building the open-source co-operation protocol for the energy sector, and more.