Indian banks are moving towards digital transformation of banking services, compliance and regulatory by leveraging Blockchain applications. In early 2018, over 30 Indian banks have partnered with a startup, Primechain Technologies to create BankChain solution for banks. Currently, BankChain applications are being tested across the partnering banks to overcome regulatory challenges.
Bankchain aims towards creating a common framework of contract management system for banks to govern transactions. BankChain works on Microsoft Azure platform and offers over four nodes to each bank and currently it offers over 120 nodes. Also, the BankChain is powered with AI, which offers higher responsiveness and predicts future challenges.
Currently, it has India’s top five banks, which account for over 85% of the transactions in the country and the platform aims to address inefficiencies in the KYC on-boarding process, blockchain-enabled smart contracts, and global remittances among others. Also, BankChain includes Blockchain security controls to authenticate a transaction. The partnership includes banks in the Middle East, which is more likely to enhance BankChain’s cross border remittance services by avoiding regulatory challenges.
According to Infoholic Research, the “Global Blockchain Market in Banking Industry” market is expected to grow at a CAGR of 16.5% during the forecast period 2017–2024.
The study offers a comprehensive analysis of the “Global Blockchain Market in Banking Industry”. Bringing out the most prominent and relevant insights of the industry, the report aims to provide an opportunity for the players in this domain to understand the latest trends, current market scenario, government initiatives, industries, and technologies related to the market. In addition, it will help the venture capitalists in understanding the companies better and take informed decisions.