ICICI bank has announced that it has onboard more than 250 corporates for blockchain platform in banking to look after trade finance globally
Indian corporates including the ones from ’S&P BSE 100 Index’ are now venturing domestic / international trade finance transactions on the bank’s blockchain platform.
The financial institution was pioneer in undertaking pilot transactions. Now, over 250 employees have agreed and signed up on their blockchain application. It is being considered cost effective and secured for trading transactions. It also helps in reducing paper work related to transactions.
ICICI bank tweeted,
Chanda Kochhar, MD and CEO, ICICI Bank, stated, “ICICI Bank has a rich legacy of leveraging the latest technology to bring in new paradigms in banking. We were the first in the country and among few globally to pioneer cross-border open account trade finance and remittance transactions on blockchain. I am delighted to share that we have scaled up the operations to sign over 250 corporates on our blockchain solution for trade transactions, the maximum for any blockchain solution in the country.”
She also added, “In another initiative, we are also collaborating with peer banks and other partners to create a comprehensive ecosystem in the industry using blockchain and evolve common working standards to contribute to even greater adoption of this initiative.”
The blockchain application enables the buyers and sellers across the globe to view data in real time. Also, users can track documentation with it. Furthermore, it also allows them to authenticate ownership of assets. It also enables them to execute trade related transactions with the help of digital contracts.
The bank also pursues to expand the blockchain ecosystem. They plan to co-create another blockchain based system in association with other banks.