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   501

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.

Ethereum Scaling Solution Raiden to Launch Last Testnet

As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second
20 July 2018   132

On Thursday, July 19, at the Dappcon developer conference in Berlin, the last test network of Raiden for the Ethereum blockchain was launched, CoinDesk reports.

The release includes a minimal implementation of the scaling solution, which will allow the transfer of Ethereum tokens outside of the main blockchain. This is the last test phase before the introduction of technology into the core network of Ethereum.

It's the first step towards going to the mainnet. We really want people to really test this so we have a user interface, we have an API and we've created an open Github for everything they could find, so if we go hopefully bug-free on the mainnet.
 

Lefteris Karapetsas

Core Developer, Raiden

According to him, the new release represents an early implementation for the core network and contains a new rewritten code of smart contracts and payment channels that can be restored in case of unintended closure.

Also, Karapetsas urged developers to join the test network to help detect possible bugs, adding that a bounty program will be launched to encourage this activity.

The release date for the main network has not yet been assigned, but the developers intend to follow this earlier promise and launch Raiden this summer.

Karapetsas also promised to publish regular updates and code optimizations after the full release, adding that Raiden will complement other Ethereum scaling solutions that are currently being developed.

Raiden is essentially the payment channel network for ethereum, it's supposed to help us scale token transfers. The long term goal would be to have people use Raiden from a mobile device and be able to make off-chain token transfers just from their phone. That would be the long term vision, it would probably work in combination with various scaling solutions, sharding, plasma, a sort of hybrid.
 

Lefteris Karapetsas

Core Developer, Raiden

Raiden is developing from the 2015 and is written mostly on Python. The project is much like the Lightning Network. As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second.