We have been hearing about the benefits of blockchain technology for the last few years. Even at the central government level, blockchain has got a vote of confidence.
But when it comes to actual blockchain-technology based implementations in the public sector, we more often than not, tend to draw a blank.
As of November 2019, we are still in the process of coming up with a strategy for national-level use of blockchain technology. Andhra Pradesh is one of the few states that is using a blockchain-backed land registration process.
One of the tech innovations that really put blockchain on the map for most of us, is cryptocurrency. Given the reservations against crypto-assets, cryptocurrency never got a chance to take off in India. However, the underlying blockchain technology is something that has piqued the interest of many banks in India. With global consultancy firm, PwC betting on India becoming a leader in blockchain tech with the right amount of government participation, banks don’t seem to want to be left behind.
Eleven of India’s largest banks including HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, Kotak Mahindra Bank, Standard Chartered Bank, RBL Bank and South Indian Bank, have launched a first of its kind blockchain-linked loan system in India for small and medium enterprises. State Bank of India, Bank of Baroda and IndusInd Bank are involved in this consortium as outside members. In the first phase of this network, the banks set up a live network for supply-chain vendors across India to register themselves and digitally record all their transactions.
The blockchain system which the 11 banks above are running is managed by IBM. We spoke to IBM’s Blockchain leader for India and South Asia, Jitan Chandanani, who is responsible for helping clients enable the capability and strengths of blockchain in their current environment to drive business growth and future opportunities. IBM was recently associated with developing the world’s largest telecom blockchain in India to manage unwanted calls and unsolicited commercial communications.
(Except for the headline, this story has not been edited by TTE staff and is published from a syndicated feed.)
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