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Indian banking giants and NSE test blockchain technology for KYC

(The article has been modified with respect to recent updates) 

The National Stock Exchange of India (NSE), HDFC Securities, a Mumbai-based brokerage, along with a number of Indian banks – ICICI Bank, IDFC Bank, Kotak Mahindra Bank, IndusInd Bank and RBL Bank, are testing blockchain technology for know your customer (KYC) data, CoinDesk reported.

Elemential, blockchain consultants and solution provider, provided the technology for the trial. The first stage of the trial was completed in January.

According to sources, the test involved a shared environment in which the stock exchange would onboard customer data, while different entities (banks and regulators) could access this information in real-time.

The next stage is expected to see the use of real customer data, which is an important milestone prior to any kind of real-world use.

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