BankChain, the group of banking giants comprising ICICI Bank, SBI, and DCB Bank has ended work on its first project of Blockchain. A Blockchain is a distributed and decentralized digital ledger that keeps track of transactions across several computers in such a way that the listed transactions can’t be modified again.
Named as Clear-Chain (c2), the project is a legitimate Blockchain for shared and integrated AML, KYC, and CFT (Anti Money Laundering, Know Your Customer, and Countering the Financing of Terrorism). While Clear-Chain is under tests across members of BankChain, 4 other projects are anticipated to end in the coming 4 Months.
The present version of Clear-Chain makes possible sharing of KYC information, track suspicious transaction reports, investigation reports, and cross border wire transfer reports. Records are accessible to all members once they make their way into Clear-Chain. It also has a regulator knob that offers regulators with granular authorization to Clear-Chain information.
Blockchain first came out as the network supporting bitcoin, the virtual currency. It is a digital shared documentation of payments preserved by a system of computers on the Internet, with no requirement of a centralized power. It has turned out to be a key technology in both the private and public industries, given its capability of recording and keeping track of transactions or assets with no need for middlemen.
Fraud is also a huge problem within the global aid system. As blockchain mechanically records payments on a safe ledger, donors can effortlessly follow the fund reducing the danger of fiscal exploitation.
Earlier, the Hyperledger Project, a team headed by the Linux Foundation, rolled out its initial blockchain code that can be utilized by huge companies to make software. The group has over 120 staff comprising that from Cisco Systems Inc., International Business Machines Corp., JPMorgan Chase & Co., and the Bank of England.
The coders comprised in the project believe that Hyperledger Fabric 1.0 is secure and strong enough to be utilized by companies to commence making business applications based on blockchain, the group claimed to the media in a statement. Blockchain, which originally came out as the system fueling bitcoin, the crypto currency, is a shared documentation of information that is preserved by a system of computers. This process is done without needing a trusted 3rd party to confirm the actuality of the data.