Adarsh Credit Partners with BankChain to Deploy Blockchain Solutions

Adarsh Credit is working towards a safer and secure financial system in India through its implementation of blockchain solutions in partnership with BankChain.

Adarsh Credit Co-Operative Society Ltd.

BankChain is a community of banks and financial institutions in India formed to explore, build and implement blockchain solutions. BankChain has 30 members globally. Primechain Technologies operates the BankChain community and delivers an enterprise blockchain solution that runs on Hyperledger Sawtooth and Intel Software Guard Extensions (Intel SGX).

Speaking on this partnership with BankChain, Mr. Rahul Modi, MD, Adarsh Credit said that, "Blockchain is an emerging technology that has the potential to transform traditional business processes and the ways in which data is exchanged by consumers and financial institutions. Adarsh Credit's partnership with BankChain is an example of technology innovation in India’s financial system to enhance security and providing a trusted computing environment. Adarsh Credit is working towards a safer, more secure financial system in India through its implementation of blockchain solutions in partnership with BankChain. We are thrilled to announce our partnership with BankChain community and working jointly with the mission of creating blockchains for a better world."

Blockchain is the Next Internet revolution. In simple words, Blockchain is an open, anonymous, permanent online ledger connected to a centralized network. It uses a new data structure to simplify the process and eliminate the need for third parties.

Commenting on the partnership with Adarsh Credit, Mrs. Shinam Arora, CEO, Primechain Technologies said that, “We are very excited to welcome Adarsh Credit to BankChain. The Adarsh team is already contributing excellent ideas for several BankChain projects including secure documents and vendor on-boarding.”

Bankchain is working on following projects

1) Know Your Customer

Primechain-KYC is a permissioned shared blockchain for shared KYC, AML and CFT.

2) Cross Border Remittance

Primechain-p5 is a permissioned shared blockchain for near real-time cross border remittance at near zero cost. 

3) Asset / Charge Registry

Primechain-CHARGE is a blockchain powered register that records all charges (hypothecation, lien, mortgage, pledge etc.) on assets (movable, immovable and intangible).

4) Peer to Peer Payments

Primechain-WALLET is a permissioned blockchain for real-time peer-to-peer transfer systems with automated reconciliation.

5) Data Authentication & Storage

Primechain-CONTRACT is a permissioned, private, blockchain-powered solution for contract management - secure storage, authentication & verification.

6) Syndication of Loans

Primechain-LOAN is a permissioned blockchain for managing the entire loan syndication process.

7) Know Your Vendor

Primechain-VENDOR is a permissioned blockchain for Vendor on-boarding, NDA processing and vendor rating.

8) Know your Employee

Primechain-KYE is a permissioned blockchain for transforming the employee background verification process and monetising employee records.

9) Financial Instrument  Lifecycle Management

Primechain-SECURITIES is a permissioned blockchain for quick tokenisation of assets and smart asset lifecycle management.

10) Trade Finance

Primechain-TRADE is a permissioned blockchain for supply chain transparency and trade finance.

Blockchain has been gaining momentum rapidly, as the technology can be used for everything from simple file sharing to complex global payment processing, and has the potential to transform the way companies operate. The Blockchain technology will help Adarsh Credit to increase the efficiency of financial transactions without having to compromise on data confidentiality and transaction security.