India’s largest bank is spearheading a newly unveiled consortium focused on blockchain applications.
IBM and Microsoft will reportedly be providing technical assistance for the group as it explores ways to leverage blockchain to reduce fraud and improve operational efficiency.
Other institutions said to be part of the project or interested in joining include Axis Bank, ICICI Bank, Kotak Mahindra Bank – all institutions that have experimented with the tech in the past, including a recent trial focused on know-your-customer (KYC) applications in which India’s biggest stock exchange was involved.
M Mahapatra, a representative for the State Bank, told The Economic Times:
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