SBI to use blockchain technology for smart contracts, KYC

State-owned lender State Bank of India will use blockchain technology for smart contracts and Know Your Customer (KYC) from next month, SBI's Head of Innovation Sudin Baraokar has said. These applications are a part of BankChain, a community of 22 Indian and 5 Middle East-based banks. BankChain aims to reduce fraud and maximise efficiency, security and transparency in banking systems.