ICICI, India’s largest private bank, and Dubai’s largest bank, Emirates NDB, have developed a block-chain platform to advance the development of international trade finance and remittance processes.
The block chain platform used in this transaction was tailored by Indian technology leader Infosys.
In this test transaction, ICICI in the Indian industrial capital of Mumbai branch to the Dubai National Bank branch for real-time remittances.
India ICICI Bank said in a statement: ICICI Bank is the first bank in the world to use the block chain technology to exchange real-time exchange verification of remittance transaction information and the original international trade information such as order, invoice, transportation and insurance.
The use of block-chain technology to achieve efficient, near-synchronous remittance is one of the most significant features of the technology, as the use of bit-currency trading as a significant advantage. For banks and the global financial industry, the block chain technology will greatly reform the past, a lot of time-consuming document complex trade financing process.
Electronic spread books allow banks, importers and exporters and other international trade parties to view data in real time. Documents and records relating to ownership and transfer of assets will be streamlined and recorded in real time in electronic books, making it difficult to tamper with them.
In order to demonstrate the transaction process, the trial transaction demonstrates the Mumbai company from the Dubai suppliers to confirm the import smelting scrap melting process.
Global national banks and technology companies have conducted trade finance trials. One of the more famous experiments is the application of the test block chain technology of 15 R3 alliance members in trade finance. At the end of 2015, Standard Chartered Bank in London and DBS Bank of Singapore developed a trade finance distributed book project.
Recently, Microsoft also announced cooperation with Bank of America, indicating that the block chain technology to change the intention of trade financing.
In addition, Chanda Kochhar, Managing Director and Chief Executive Officer, said, “I envision new block-chaining technologies that will enable complex, bilateral and multilateral banking transactions to be seamless, agile, and secure. The banking industry plays a pivotal role. “
India’s ICICI Bank also revealed that the bank is working with Infosys’s financial technology company Infosys Finacle to develop experiments to block the chain of technology used in other banking and payment services.
In June 2016, ICICI Bank for the first time revealed the will to develop block technology.At that time the bank set up the digital sector to exploit the innovative technology behind mining bitcoin.
According to related reports, when India’s bit-currency users surged, bitcoin venture Unocoin was 1.5 million US dollars financing for India bitcoin the most enterprises.
