Indian ICICI Bank Consigns 250 Corporates to its Blockchain Platform
ICICI Bank, the Indian banking giant, has enlisted over 250 corporates to the Blockchain platform it is creating for international and domestic trade finance transactions as per the bank’s official press release which was published on 17th April.
The bank had started exploring opportunities for their business in Blockchain in 2016. In June 2016, they created a new position, Chief Technology and Digital Officer (CTDO) for this specific purpose. Later in August, the bank went ahead with pilot international trade finance and remittance transactions using Blockchain in India.
The MD and CEO at ICICI Bank, Chandra Kochhar, says that integrating the Blockchain technology would have the potential to streamline trade documentation by making a common platform where all of the stakeholders would have to come. He said:
“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 even greater adoption of this initiative.”
The press release states that the Blockchain application ICICI Bank developed enables all domestic and international participants to view and track data in real-time. With the help of a series of secure, encrypted digital contracts, they can digitally authenticate ownership of assets and can implement trade finance transactions.
Blockchain has been in the news a lot lately. Bank of Japan recently said that Central Bank Digital Currencies (CBDC) can destabilize the existing financial system. In another news, the payments giant Mastercard announced its plans to use the Blockchain technology to fight fake identities.