ICICI Bank – one of the most popular financial institutions in the country, has enlisted over 250 corporates to its international trade and finance blockchain platform. A press release that came out on April 17, 2018, revealed that the corporates were added to the bank’s blockchain platform for local as well as international trade finance transactions.
ICICI Bank has been looking out for blockchain opportunities since 2016. It even deployed a CTDO (Chief Technology and Digital Officer) position in June 2016 to express its purpose. A couple of months later, ICICI commenced the implementation of pilot transactions in foreign trade finance and remittance through the use of a blockchain in India.
The bank’s Chief Executive Officer and Managing Director, Chandra Kochhar, stated that integrating blockchain technology would have the ability to make the documentation of trade a streamlined process as stakeholders would be on a common platform.
The press release stated that ICICI Bank had created a blockchain application that allowed domestic as well as foreign participants to check and track information in real time. Even the ownership of assets could be authenticated online, and trade finance transactions could be implemented by a series of secure and encrypted digital contracts.
In April 2018, Santander – a Spanish bank, confirmed that a blockchain-based payment network has been launched. It is reported that the system will reduce costs as well as waiting times so far as foreign transactions are concerned.
Last month, an announcement was made by the Bank of England, saying it was experimenting on a proof-to-concept in an effort to examine whether or not RTGS (Real Time Gross Settlement) service had the ability to interact with blockchain technology.