India’s ICICI Bank announced it has successfully on-boarded over 250 corporates, including the country's leading companies, on its blockchain platform for domestic and international trade finance transactions.
The bank said in a statement that its blockchain application digitizes the paper-intensive international trade finance process as an electronic, distributed and unalterable ledger, and gives the participating entities including banks the ability to access a single source of information.
It enables all the parties - buyers and sellers - across domestic and international locations, all branches and locations of ICICI Bank in the country and overseas, to view the data in real time.
“This initiative marks another milestone in the bank's pioneering role to promote blockchain in the banking industry in the country,” the bank said in a statement.
In 2016 ICICI became the first bank in the country and among the first few ones globally to successfully undertake pilot transactions in international trade finance and remittance in partnership with Emirates NBD.
By Ksenia Batanova