250 Corporates are Enlisted for Int’l Trade and Finance Blockchain by an Indian Bank

Biggest banking monster of India i.e. ICIC Bank has sent a list of more than 250 corporates to the Blockchain platform of the domestic and international trade of the financial transactions in the country, it was declared during a press release on April 17. 



ICICI bank had started exploring Blockchain opportunities for their business since the year 2016. In 2016 the same year in the month of June that, the bank had created this position of Chief Technology and Digital Officer (CTDO) for that purpose.

In August 2016 the bank had begun to implement these transactions in the international trade and finance of the country’s blockchain.

The MD and CEO, of the bank, Chandra Kochhar said that the integration of the Blockchain technology in the country has the potential of streamlining the documentation of the trade by bringing in the trade of stakeholders and shareholders to a common platform:

“I envision that the emerging technology of Blockchain holds an immense potential to simplify the document-intensive trade transactions by bringing all stakeholders on a single platform. 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 the even greater adoption of this initiative.”

According to the press release the Blockchain application was generated in the country by ICICI Bank which also enables the participants of the different domestic and international companies, to view and track all the data in real-time. This also ensures the authenticity of the ownership of the digital assets, they will also implement the trade finances transactions by name of means of series of various encrypted and secure with the digital contracts.

Earlier this month, a Spanish bank named Santander has also confirmed the launch of the blockchain-based payment network in the country. In the March, the Bank of England has also announced that it will be undertaking a proof-of-concept in order to examine the working and renewal of the Real Time Gross Settlement (RTGS) which is also capable of interacting with the blockchains.  


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