ICICI has added 250 corporates in its Trade Finance Blockchain Platform
India’s second largest private Bank, ICICI has added corporates in its blockchain platform to do business both domestic and international trade finance. The move shows growing confidence in the decentralized Blockchain technology. ICICI has partnered with corporates which are ready to do different transactions over its Blockchain platform like the processing of salary payment of employees, payment for raw materials, domestic vendor payments among other services.
The bank has been joined by some of the country’s best and biggest companies who want to benefit from the application for a faster, cheaper, efficient and secure way of doing transactions. According to one expert:
“The use of Blockchain is simplifying the paper-intensive trade finance process. By bringing other firms to the same platforms, decision making will be fast and almost at a real time.”
Even though ICICI did not disclose the type of technology, they have used to build its blockchain platform the banks are happy because of the benefits coming with the platform because it will enable traders as well as the bank’s branches both domestic and international to see transaction data in real time. The application by ICICI is currently the largest in the world because of its power to work domestically for the banks more than 4,800 branches as well as its international branches.
ICICI started researching about Bitcoin in 2016 when it established a new division to look into Blockchain technology and its use in the banking sector. Before the end of 2016, the bank had already become the first bank in India to try a pilot custom built blockchain which specialized in the facilitation of trade finance and remittance. This pilot transaction completed real-time fund transfer from its branch in Mumbai India to an Emirates NBD branch in Dubai.
The bank CEO has revealed that despite adding many corporates they will not stop researching about Blockchain and they will work to achieve larger goals towards wider implementation of Blockchain. According to her: “We are also working to collaborate with other banks and also other partners to come up with a great ecosystem in the banking industry using Blockchain which will evolve around common working standards to ensure greater adoption of this initiative.”