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ICICI Bank executes India's first blockchain transaction with Emirates NBD

ICICI Bank said it has successfully executed international trade finance transactions and overseas remittances using blockchain technology in partnership with Emirates NBD.

This puts ICICI Bank the first bank in India and one among a few globally to carry out overseas transactions -- which typically take a few days -- in a few minutes via blockchain.

The technology can be used to exchange and authenticate remittance transaction messages as well as original international trade documents related to purchase order, invoice, shipping and insurance. ICICI Bank executed these pilot transactions via a blockchain network, co-created with EdgeVerve Systems, a wholly owned subsidiary of Infosys.

With blockchain, all the parties -- the importer in Mumbai, ICICI Bank, the exporter in Dubai and Emirates NBD -- can view the data in real time. It helps track documents, digitally authenticate ownership of assets on unalterable ledger and execute transactions through encrypted and secure digital contracts.

Overseas remittances for retail customers at lower costs are also possible with the new technology in real time. Currently, international remittances take a few hours to up to two days.

Source: CWT News

  • January 5, 2017 12:15 PM MSK