Joining the Blockchain

$2.2 billion GLOBAL MARKET SIZE IN 2019

$176 billion PROJECTED GLOBAL SIZE BY 2025

$289 million MARKET SIZE IN INDIA IN 2019

$4 billion PROJECTED SIZE BY 2025

Source: Gartner, Research and markets, Statista

Every bank’s core banking system does a lot — it records all transactions and updates customers’ accounts and other financial records. But what it can’t do is view a customer’s relationship with other banks. A customer could submit tax relief documents (Form 15 G/H and others) at multiple financial institutions, and this poses a challenge for banks while validating the customer’s tax documents. The absence of real-time reconciliation among financial institutions can lead to potential tax pilferage.

This was a hurdle that DCB Bank, a new generation private sector bank with 334 branches across India, faced. “The challenge was to verify tax certificates issued by the tax department and authenticate tax returns,” says Prasanna Lohar, Head of Technology, DCB Bank. The bank thought of implementing a secure platform where the tax department, various banks and other financial institutions could collaborate and share data in real-time without compromising