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Welcome to

Bank

Chain

BankChain

BankChain is a community of banks for exploring, building and implementing blockchain solutions. Membership to BankChain is open to banks, NBFCs, payment banks and other financial institutions.

A. BankChain members

BankChain members (in chronological order) are:

  1. State Bank of India
  2. ICICI Bank
  3. DCB Bank
  4. Kotak Bank
  5. Federal Bank
  6. Deutsche Bank
  7. UAE Exchange
  8. Emirates NBD
  9. Lulu Exchange
  10. RAKBANK (National Bank of Ras Al-Khaimah)
  11. South Indian Bank
  12. National Payments Corporation of India
  13. Saraswat Bank
  14. RBL Bank
  15. TJSB Sahakari Bank
  16. CCIL
  17. Bank of Baroda
  18. Mahindra & Mahindra Financial Services Limited
  19. Export-Import Bank of India
  20. Al Fardan Exchange
  21. IndusInd Bank
  22. Riviera Investors (NBFC)
  23. Axis Bank
  24. Yes Bank
  25. TBA
  26. Aadhaarshila Enroll Systems Pvt. Ltd.
  27. Dubai Islamic Bank

Managed by: Primechain Technologies Pvt. Ltd.

Infrastructure Partner: Skylark Information Technologies Pvt. Ltd.

GCC Partner: Finesse LLC

Exclusive Cloud Partner: Microsoft

Partner (Canada, Ethiopia, Kenya, Rwanda, South Africa, Uganda, Zimbabwe, Indonesia, Japan, Malaysia, Vietnam) : Page Solutions

Strategic Partner (USA, Italy, Pakistan, Srilanka, Bangladesh, Nepal, and Singapore): MEDICIPrim Fintech Pvt. Ltd.

B. BankChain active projects

# Project Status
1 Shared KYC / AML / CFT
  • Version 1.0 alpha 1 (27 April, 2017)
  • Version 1.0 alpha 2 (30 June, 2017)
  • Version 1.0 (14 Dec, 2017)
2 Syndication of loans
  • Version 1.0 alpha 1 (31 May, 2017)
  • Version 1.0 alpha 2 (30 June, 2017)
  • Version 1.0 beta (14 Dec, 2017)
3 Trade finance
  • Version 1.0 alpha 1 (30 June, 2017)
4 Asset / Charge registry
  • Version 1.0 alpha 1 (27 July, 2017)
  • Version 1.0 alpha 2 (28 August, 2017)
  • Version 1.0 beta (14 October, 2017)
  • Version 1.0 (14 Dec, 2017)
5 Secure documents
  • Version 1.0 alpha 1 (30 June, 2017)
  • Version 1.0 alpha 2 (15 July, 2017)
  • Blockathon (19 July, 2017)
  • Version 1.0 alpha 3 (26 July, 2017)
  • Version 1.0 beta 1 (15 Aug, 2017)
  • Version 1.0 (14 Dec, 2017)
6 Cross border payments
  • Discussion
7 Peer-to-peer payments
  • API Version 1.0 alpha 1 (18 September, 2017)
  • API Version 1.0 beta (6 November, 2017)
8 Blockchain Security Controls
  • Version 1.0 alpha (27 April, 2017)
  • Version 1.0 beta (30 November, 2017)
9 Blockchain Libraries
  • Version 1.0 alpha 1 (30 June, 2017)
10 Virtual currency
  • Blockathon on Version 1.0 alpha 1 (11 October, 2017)

C. BankChain membership benefits

BankChain members are entitled to several benefits including:

  1. Access to mChain
  2. mChain is a permissioned multi-node blockchain on which BankChain proofs-of-concept and pilots are maintained. Each member of BankChain is provided access to one node of mChain. This node is hosted by PRIMECHAIN on a public cloud.

  3. Access to dedicated Yobichain
  4. Yobichain is a single-node private blockchain ecosystem preloaded with web & FTP server, basic blockchain applications, blockchain web demo and blockchain explorer. Each member of BankChain is provided access to a dedicated Yobichain, which is hosted by PRIMECHAIN on a public cloud.

  5. Access to source code of BankChain projects.
  6. You are granted permission to deal with specified PRIMECHAIN code and associated documentation files, including the rights to use, copy, modify, merge, publish.

  7. Invitation to exclusive Blockathons and technical training sessions.


  8. Access to exclusive discussion forums.


  9. Exclusive access to training materials.


  10. Two VIP invites to the annual Future Money Conference.


  11. Nominate members to various BankChain committees
  12. Members may nominate:
    • 1 member to the BankChain Steering Committee
    • 2 members to the BankChain Technology Committee
    • 2 members to the BankChain Regulatory Committee
    • 2 members to the BankChain Business Committee

D. BankChain committees

There are 4 committees in BankChain.

  1. BankChain Steering Committee
  2. Each member can nominate 1 person to the BankChain Steering Committee, which is responsible for the overall direction of BankChain.

  3. BankChain Technology Committee
  4. Each member can nominate 2 persons to the BankChain Technology Committee, which is responsible for the technological direction of BankChain.

  5. BankChain Regulatory Committee
  6. Each member can nominate 2 persons to the BankChain Regulatory Committee, which supervises the regulatory, data privacy and data security implications of BankChain activities.

  7. BankChain Business Committee
  8. Each member can nominate 2 persons to the BankChain Business Committee, which analyzes the business and commercial implications of BankChain activities.

E. Become a member

Membership to BankChain is open to banks, NBFCs, payment banks and other financial institutions. For details, email info@primechain.in

F. What is blockchain technology?

Blockchain technology was announced through the paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" by Satoshi Nakamoto in 2008. Interestingly, this paper does not specifically use the word "blockchain". This paper talks about a "purely peer-to-peer version of electronic cash" where "the network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work".

Simply put, a blockchain is a peer-to-peer network which timestamps records by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work.

On the other hand, a distributed ledger is a peer-to-peer network, which uses a defined consensus mechanism to prevent modification of an ordered series of time-stamped records.

All blockchains are distributed ledgers but all distributed ledgers are not blockchains.

Blockchain technology has earned the trust and respect of banks and Governments around the world.

Blockchain technology derives its strength from strong cryptography. Blockchains are provably immutable and enable the rapid transfer and exchange of crypto-tokens (which can represent assets) without the need for separate clearing, settlement and reconciliation.


G. Blockchain benefits

  1. Improve client satisfaction through faster, more convenient and secure services.
  2. Increase profits and reduce costs.
  3. Minimize fraud.
  4. Maximize efficiency, security & transparency.
  5. Accelerate information and money flows.
  6. Greatly improve auditability.
  7. Streamline paperwork.
  8. Showcase your bank as a global innovator.
  9. Be at the forefront of FinTech and emerging tech.

H. Pain points in implementing blockchain

  1. Installing, configuring, securing, troubleshooting, updating, and maintaining a blockchain ecosystem is a complex and time consuming task.

  2. There are 20+ blockchains and distributed ledger systems to choose from.

  3. Building blockchain solutions from the ground up is very expensive and time consuming.

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