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.