State Bank of India to implement blockchain-based JPMorgan solution – Bits Media

State Bank of India (SBI) will introduce Liink - a blockchain resolution developed by the American investment bank Jpmorgan Chase, To improve international payments.

Deputy Managing Director SBI Venkat Vadsvar (Venkat Nageswar) reported, that the bank has joined Liink - a new network to transfer bank data based on blockchain, developed by JPMorgan specialists. Liink is a single -ranking network and ecosystem, focused on the organization, which work with digital currencies.

The network operates as part of the ONYX project for blockchain research. The service was launched in 2017 year as the interbank information network Interbank Information Network (IIN), However, in October 2020 year project was renamed in Liink. Thanks to the blockchain, SBI intends to reduce operating costs and optimize international payments for its customers.

“We are pleased to become one of the first Indian banks, joining this network. We hope for closer cooperation with JPMorgan on the introduction of blockchain and further study of its potential, Since this technology will increase the effectiveness of the service of our customers, ”Nagiesvar said.

According to the managing director of JPMorgan Prabdev Singha (Prabdev singh), Liink solution is used in more 400 financial institutions and corporations in 78 countries, Among them - about 100 private and state banks. Singh added, that the JPMorgan partnership with SBI is aimed at more active introduction of blockchain into the financial sector of India.

Despite, that the Indian government is configured against cryptocurrencies, It does not interfere with the development of blockchain in the country and creates the conditions for the development of the latest technologies. Recently Minister of Finance India Anurag Singh Takur (Anurag singh thakur) stated, that the country's authorities study in detail the capabilities of the blockchain, To accelerate the development of the digital economy.

Recall, what's in the beginning 2019 years JPMorgan Bank began testing its own JPM Coin Stablecoin, And already in October last year, this digital currency was first used to make commercial payments.