Yes Bank, GSTN make the first move to enterprise blockchain

Enterprise blockchain solutions are moving out of labs and stepping into the real world. Axis Bank and XinFin are next to sign up. But how much can they really scale?

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As of 31 January, Yes Bank has officially deployed a blockchain solution commercially. This comes a whole year after it became one of the first banks in India to use Hyperledger, an open source framework hosted by The Linux Foundation to build a custom application for its client Bajaj Electricals—an experiment with distributed ledger technology (DLT) where the bank had digitised financing for Bajaj Electricals and its suppliers.

This is the first commercial deployment of an enterprise blockchain solution in India. Second in the world.

“Last year, we had conducted this on Hyperledger 0.6 which was not commercially ready and supported by IBM and they wanted us to wait till Hyperledger 1.0 goes live,” Anup Purohit, senior president and CIO at Yes Bank, tells The Ken.

AUTHOR

Sidhartha Shukla

In his earlier stint at Moneycontrol, the website owned by the Network18 group, Sid wrote on cryptocurrencies, cybersecurity, business, and finance. Born in Raipur, Chhattisgarh, Sid has spent most of his life in Jalandhar, Punjab. He has a BSc in Mathematics from St Xavier’s College, Mumbai. Sid is a comic book nerd and a big fan of Alan Moore, Neil Gaiman and Brian Azzarello. He can be reached at sidhartha at the rate the-ken.com

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