Banking giant ICICI is moving ahead with a previously revealed blockchain trade finance initiative.
Announced Tuesday, the India-based company has enlisted more than 250 corporates to undertake domestic and international trade finance transactions using ICICI's blockchain platform.
Corporate firms have signed up on the bank's blockchain application and are using the technology in cross-border remittance for the payment of employee salaries, raw materials to domestic partners and payments to domestic vendors, a company release said.
Chanda Kochhar, managing director and CEO of ICICI foresees blockchain having "Immense potential to simplify the document-intensive trade transactions."
"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."
ICICI added that its blockchain application will help participating banks view data for such transactions in real-time.
Buyers, sellers and other parties can also track documentation and asset authentication with the help of a series of encrypted and secure digital contracts.
The inclusion of corporates comes in line with ICICI's successful completion of blockchain-based cross-border transaction for trade finance with Emirates NBD in 2016.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
250 Corporates Join ICICI Bank Blockchain Test
gepubliceerd op Apr 18, 2018
by Coindesk | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.