ICICI Bank on October 12, 2016 successfully executed international trade finance transactions and overseas remittances using .blockchain technology in partnership with Emirates NBD.
This puts ICICI Bank the first bank in India and one among a few globally to carry out overseas transactions -¬which typically take a few days -- in a fev-v minutes via blockchain.
The technology can be used to exchange and authenticate remittance transaction messages as well as original international trade documents related to purchase order, invoice, shipping and insurance. ICICI Bank executed these pilot transactions via a blockchain network, co-created with EdgeVerve Systems, a wholly owned subsidiary of Infosys.
With blockchain, all the parties -- the importer in Mumbai, ICICI Bank, the exporter in Dubai and Emirates NBD -- can view the data in real time. It helps track documents, digitally authenticate ownership of assets on unalterable ledger and execute transactions through encrypted and secure digital contracts.
This puts ICICI Bank the first bank in India and one among a few globally to carry out overseas transactions -¬which typically take a few days -- in a fev-v minutes via blockchain.
The technology can be used to exchange and authenticate remittance transaction messages as well as original international trade documents related to purchase order, invoice, shipping and insurance. ICICI Bank executed these pilot transactions via a blockchain network, co-created with EdgeVerve Systems, a wholly owned subsidiary of Infosys.
With blockchain, all the parties -- the importer in Mumbai, ICICI Bank, the exporter in Dubai and Emirates NBD -- can view the data in real time. It helps track documents, digitally authenticate ownership of assets on unalterable ledger and execute transactions through encrypted and secure digital contracts.
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