India: SBI takes lead in blockchain, to use it to prevent fraud


February 16 2017

State Bank of India has taken the lead in bringing lenders and tech companies together for using blockchain technology to share information among banks which will eventually help prevent frauds and tackle bad loans which are almost one-fifth of banks’ loan book. Blockchain, the technology behind cyber currency Bitcoin, follows the concept of a centralised registry that can be accessed by all members, and every event is registered as an unalterable ‘block’. “Being the largest bank, SBI has taken the lead in initiating blockchain, and we are in talks with banks and other companies for this,“ said M Mahapatra, deputy managing director, SBI, confirming the development to ET.