The core concept of blockchain is a decentralised and fully transparent peer-to-peer transaction ledger, where the users on the network monitor and verify all transfers of money.
The State Bank of India (SBI) announced in November 2017 that it will upgrade its Know Your Customers (KYC) protocols – processes through which the bank confirms its clients identities – with blockchain.
In fact the SBI is one of the founding members of the blockchain research consortium BankChain.
Blockchain technology is already making waves in the southern Indian state of Andhra Pradesh, Telangana. Recently, the Maharashtra government called upon industry leaders, researchers, and others to devise ways of incorporating blockchain in e-governance operations. Banks in India are already relying on blockchain to enable overseas transactions, international remittances, and other processes.