Banking giant ICICI is moving ahead with a previously revealed blockchain trade finance initiative.
Announced Tuesday, the India-based company has enlisted more than 250 corporates to undertake domestic and international trade finance transactions using ICICI’s blockchain platform.
Corporate firms have signed up on the bank’s blockchain application and are using the technology in cross-border remittance for the payment of employee salaries, raw materials to domestic partners and payments to domestic vendors, a company release said.
As such, Chanda Kochhar, managing director and CEO of ICICI foresees blockchain having “immense potential to simplify the document-intensive trade transactions.”
Commenting on further moves, Kochhar said:
“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 even greater adoption of this initiative.”
ICICI added that its blockchain application will help participating banks view data for such transactions in real-time. Buyers, sellers and other parties can also track documentation and asset authentication with the help of a series of encrypted and secure digital contracts.
The inclusion of corporates comes in line with ICICI’s successful completion of blockchain-based cross-border transaction for trade finance with Emirates NBD in 2016.
ICICI website homepage image via Shutterstock
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