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State Bank of India's blockchain smart contracts, ID verification could boost banking security


India's largest bank, the State Bank of India, will launch blockchain-enabled smart contract and identity verification beta projects in December, its head of innovation Sudin Baraokar told the Economic Times on Monday.

Blockchain has proven to be the larger value of cryptocurrencies, with implications for almost every industry. The public ledger technology uses digital signatures and cryptographic hashing to provide a record of secure transactions that cannot be altered.

The moves come from BankChain, a group of 27 banks from India and the Middle East which joined together in February to research and create blockchain solutions for the banking industry, with the help of Intel.

"By next month, we should have two beta production solutions ready for use by the 27 banks," Baraokar told the Times. "We will also invite further participation."

SEE: What is blockchain? Understanding the technology and the revolution (free PDF)

The smart contracts will use blockchain to maintain...(continued)

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