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ICICI Bank India Assigns 250 Corporates To It's Blockchain Platform

Apr 19, 2018 Posted /  901 Views

ICICI Bank India Assigns 250 Corporates To It's Blockchain Platform

As indicated by an official statement, Indian bank, ICICI Bank assigned 250 corporates to its Blockchain platform for local and international trade finance transactions.

ICICI Bank began investigating Blockchain open doors for their business in 2016. In the same year, the bank created a position of Chief Technology and Digital Officer (CTDO) for the express reason. Later on, the bank started actualising pilot transactions in International trade finance and settlement utilising Blockchain in India.

Chandra Kochhar, MD and CEO at ICICI Bank, says that the Blockchain technology can possibly streamline the documentation of trade by bringing together stakeholders to a typical platform, he stated:

“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.”

As per the public statement, the Blockchain application created by ICICI Bank empowers all members, both domestic and global, to view and track information continuously. They can likewise verify proprietorship of assets digitally, and execute trade transactions by methods for a progression of encoded and secure digital contracts.

Prior this month, Spanish bank Santander affirmed the launch of a Blockchain based network of payments. The framework will supposedly cut expenses and waiting times for global transactions.

In March, the Bank of England reported it was attempting a proof of concept to look at how the recharged Real Time Gross Settlement (RTGS) service could be equipped for cooperating with Blockchain technology.

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Tags: ICICI Bank blockchain platform Indian bank blockchain Chandra Kochhar

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