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   1339

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.

GRAM May be Traded at Liquid at Triple ICO Price

Bloomberg says that Telegram tokens, that may appear at Liquid will be sold by Gram Asia at $4 per token, but there's no official info from Telegram
04 July 2019   958

Even before the official public release of the cryptocurrency of the messenger, Telegram can increase in price by 200% relative to its value during the initial offer of coins. It is reported by Bloomberg.

As previously reported, Telegram tokens may appear on the Liquid Bitcoin Exchange already on July 10. The distributor is Gram Asia, which calls itself the largest holder of GRAM tokens in Asia. It intends to put up for sale rights to cryptocurrency at $ 4 per unit.

At the same time, one of the investors said to the publication that at the time of purchase the price of 1 Gram was $ 1.33.

It is worth noting, however, that after the announcement of the public sale of Telegram tokens to Liquid, the media reported that this intention had nothing to do with the official plans of Telegram.

Then one of Telegram's investors stated that no one has the right to sell tokens before their official launch in accordance with the signed agreement. Moreover, representatives of the popular messenger noted that they first heard about Gram Asia.

Later, CEO Liquid Mike Kayamora admitted that Telegram has no relation to the placement on Liquid: the deal was concluded exclusively between the exchange and Gram Asia, which allegedly is an incubator for the TON project.

The Block's leading analyst Larry Chermak on several tweets expressed skepticism about the announced Telegram tokenale based on the Liquid stock exchange, saying that he would “think twice before making a decision to invest.”