State Bank of India (SBI) created community of 27 Banks, BankChain to share technology resources and implement latest technology in banking sector.
BankChain have created Know Your Customer, KYC, a Blockchain based solution. By end of year 2017, it will launch beta version for all participants of BankChain. If successful, they will invite more banks to use and share information using distributed, decentralized ledger.
Smart contracts are basically contracts which use blockchain, a distributed and decentralised ledger, to maintain contracts between parties. And it is good to see innovation from SBI and we wish them all best wishes. However, we are hoping that SBI will not use this for storing sensitive information about customer.