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   920

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.

MEW to Launch KYC-less Crypto Withdrawal

Service is available in Euro and Francs to all bank account holders with an international bank account number (IBAN)
21 February 2019   77

MyEtherWallet, a popular cryptocurrency wallet, in collaboration with the Swiss company Bity, introduced the Fiat service, which allows you to exchange digital assets for euros and Swiss francs without verification.

It is noted that the service is available to all bank account holders with an international bank account number (IBAN).

Bity is able to offer this kind of KYC-less Exit-to-Fiat gateway because it is compliant with the Swiss Anti Money Laundering Ordinance (AMLA). This, along with technology that helps verify proof of wallet-ownership, allows Bity to realize the friendliest kind of user experience — frictionless, secure AND regulatory compliant.
 

MyEtherWallet Team

To use Exit-to-Fiat, the user must specify Bity as the service provider in the asset exchange section. You will also need to provide a phone number, bank account details and a billing address.

This information is transmitted to Bity to comply with legal requirements and is not stored by MyEtherWallet.

The maximum transaction size is limited to 5,000 francs (about $ 5,000).