India’s Biggest Stock Exchange is Testing Blockchain KYC

India’s biggest stock exchange and a group of domestic banks recently collaborated on a know-your-customer data trial involving blockchain.

The test involved the National Stock Exchange of India (NSE), ICICI Bank, IDFC Bank, Kotak Mahindra Bank, IndusInd Bank and RBL Bank, as well as HDFC Securities, a Mumbai-based brokerage. Blockchain startup Elemential provided the technology for the trial.

The test, the first stage of which was completed in January, is the latest and perhaps most significant for India’s finance space to date.

2016 saw a number of institutions within the country testing blockchain. And in recent weeks, other financial firms in India have begun exploring use cases and developing applications of their own. The NSE has been testing the tech since as early as September, according to past reports.

Elemential co-founder Sahil Kathpal told CoinDesk that the test centered around a shared environment in which the stock exchange would onboard customer data, allowing the banks – and any regulators that have a window into the platform – to access this information in real-time. The test featured a private blockchain network developed by Elemential.

As Kathpal explained:

“In the first phase of the test, the NSE took charge of

Read more ... source: CoinDesk

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