BankChain is a community of banks for exploring, building and implementing blockchain solutions.
Formed in February 2017, BankChain has 37 members and 8 live projects. Members get access to all BankChain projects.
Today, the Internet enables the movement of data (videos, text, photos and more) globally in milliseconds. But try moving value (money, loyalty points etc.) and you will be surprised by the costs, inefficiencies and time delays.
Blockchain is a revolutionary technology that enables "internets of value" that can move value in seconds - money, loyalty points, equity shares, bonds, coupons, votes, intellectual property and much more.
Blockchain solutions can be permissioned (e.g. a Government run land registry) or permission-less (e.g. Bitcoin, where anyone can become a miner). Blockchain solutions can be private (e.g. a contract management system implemented in a pharmaceutical company), public (e.g. an asset backed cryptocurrency) or hybrid (e.g. a group of banks running a shared KYC platform).
1. Blockchain removes the characteristic of infinite reproducibility from a digital asset. It confirms that each unit of value was transferred only once, solving the long-standing problem of double spending.
2. A single blockchain transaction can perform multiple asset exchanges between two or more parties. The exchange takes place in a single transaction, and comes with a guarantee of atomicity, aka, delivery-versus-payment, meaning that all of the asset transfers take place simultaneously, or none take place at all. This enables real-time automated settlement and removes the need for reconciliation.
3. A blockchain can assign title rights because it provides a record that compels offer and acceptance.
4. By storing data across its network, a blockchain eliminates the risks that come with data being held centrally.
5. The use of public key cryptography, symmetric cryptography and cryptographic hash functions makes blockchains cryptographically secure and provably immutable.
6. Blockchains improve client satisfaction through faster, more convenient and secure services.
7. Blockchains maximize efficiency, security & transparency and minimize fraud.
8. Blockchains accelerates information and money flows.
9. Blockchains greatly improve auditability and streamline paperwork.
Managed and operated by: Primechain Technologies Pvt. Ltd.
Infrastructure Partner:Skylark Information Technologies Pvt. Ltd.
Exclusive Cloud Partner: Microsoft
Cyber Security Advisor: Data Security Council of India
Preferred Technology Advisor: Intel
Strategic partner: MEDICIPrim Fintech Pvt. Ltd.
Preferred Legal Advisor: Jerome Merchant + Partners
Integration Partner: IBM
BankChain Steering Committee
Each member can nominate 1 person to the BankChain Steering Committee, which is responsible for the overall direction of BankChain.
BankChain Technology Committee
Each member can nominate 2 persons to the BankChain Technology Committee, which is responsible for the technological direction of BankChain.
BankChain Regulatory Committee
Each member can nominate 2 persons to the BankChain Regulatory Committee, which supervises the regulatory, data privacy and data security implications of BankChain activities.
BankChain Business Committee
Each member can nominate 2 persons to the BankChain Business Committee, which analyzes the business and commercial implications of BankChain activities.
1. Access to all BankChain projects.
2. Access to training material.
3. Invitation to exclusive blockathons, technical training sessions and BankChain meetings.
4. Representation on Bankchain committees.
1. Auction of assets
2. Charge Registry
3. Contract authentication, verification & storage
4. Shared KYC and due-diligence
5. Cross-border remittance
6. Data marketplaces
7. Electronic signatures
8. E-money issuance and usage
9. Employee background verification
10. Encrypted communications
11. Encrypted data storage
12. Invoice discounting / Supply chain finance / factoring
13. Issuance of Bank Guarantees & Letters of Credit
14. Loan origination & lifecycle management
15. Loyalty program management
16. Password-less authentication
17. Peer-to-peer lending & Crowd funding
18. Peer-to-peer payments
19. Repository of AML, CBWT & STR records
20. Smart asset lifecycle management
22. Stressed assets (NPA) marketplace
23. Syndicated loans
24. Vendor on-boarding & rating