With increasing demand for blockchain technology, more and more banks are employing blockchain-based systems meant to improve customer service and reduce costs.
The State Bank of India, also known as the SBI, is the latest to join the race, as it will soon implement blockchain technology to manage Know Your Customer (KYC) protocols.
The platform, created in partnership with Primechain Technologies, will offer the bank an enterprise solution using smart contracts to self-manage KYC protocols.
This will help the SBI make transactions more efficient, without needing to compromise either transaction security or the confidentiality of its users.
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