The State Bank of India (SBI) plans to beta test a Blockchain-based smart contracts system that was developed by the BankChain consortium in December 2017. The consortium, which was launched in February, is composed of 27 banks that aim to develop Blockchain solutions for the banking industry in the country.
According to SBI’s head of innovation, Sudin Baraokar, the smart contracts will be tested for “simple things” like nondisclosure agreements. He added that majority of their internal processes can be accomplished using the technology.
“A lot of internal processes can be contracted. We do a lot of IT procurement, a lot of it can be implemented using Blockchain.”