The potential of smart contracts in banking
Based on blockchain technology, smart contracts can make banking more secure and frictionless
On the one hand, bitcoin continues to elicit polarizing views from the banking and finance industry. On the other, the technology underpinning bitcoin—blockchain—is gaining mainstream acceptance. Bankchain is a consortium of 27 banks (22 of them are Indian) of which the State Bank of India (SBI) was the first Indian member. It is working to devise blockchain-based solutions for banking and, along with the SBI, planning to launch a beta program to use smart contracts next month.