Report: 250 Corporates Join ICICI Bank Blockchain TestApril 18, 2018 5:03 pm
India-based banking giant ICICI is making progress with a previously revealed blockchain trade finance initiative, CoinDesk reported Wednesday.
On Tuesday, the bank announced it has enlisted more than 250 corporations to undertake domestic and international trade finance transactions using ICICI’s blockchain platform, the report said.
A company news release said corporate firms have signed up using the bank’s blockchain application and are currently using the technology in cross-border remittance for paying employee salaries, purchasing raw materials to domestic partners and payments to domestic vendors, CoinDesk reported.
ICICI Managing Director and CEO Chanda Kochhar foresees blockchain having “immense potential to simplify the document-intensive trade transactions,” the report said.
“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,” Kochhar said.
In addition, ICICI believes its blockchain application will help participating banks view data for such transactions in real-time, the report said, allowing buyers, sellers and other parties to track documentation and asset authentication with the help of a series of encrypted and secure digital contracts.
– WN.com, Jack Durschlag