ICICI has recently brought about a change that can revolutionize the phase of Indian Bank and payment transferring. The bank, a few days ago did an export transaction which was done without the usual three days custom - made blockchain network with Middle Eastern counterpart, Emirates NBD, instead it was done in munities. This was the first blockchain transaction to happen in India and the bank is advising all others to follow the high speed technology.
ICICI Bank has used this new technology for transferring money as well as trade documents relating to purchase order, invoice, shipping & insurance, electronically in real time. The bank has co-created the network with Edge Verve Systems, an Infosys arm.
"We believe that trade application is one the useful, relevant and strong application for blockchain. The entire technology makes it much more frictionless and efficient and it is tamper-proof," said Chanda Kochhar, MD & CEO, ICICI Bank.
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