ICICI Bank conducts India’s first institutional blockchain transaction
India’s very first institutional transaction using Blockchain, the database technology which is an integral part of Bitcoin, has taken place today
The vast institutional interest in the underlying database technology which is inexorably linked to Bitcoin has now reached India, where the vast institution has completed the very first banking transaction on the Indian subcontinent using Blockchain technology.
This remittance particular transaction has been completed in partnership with Emirates NBD, a lender from the West Asia.
India’s largest private sector lender has managed to authenticate remittance transaction messages as well as original international trade documents related to purchase order, invoice, shipping and insurance, and other ledger-related transactions electronically on Blockchain in real time.
Blockchain technology simplifies the process and drastically reduces duration of the transaction to few minutes, compared with few days otherwise.
Making a public statement on the matter today was Chanda Kocchar, Managing Director and CEO of ICICI Bank, stating “I envision that the emerging technology of Blockchain will play a significant role in banking in the coming years by making complex bilateral and multi-lateral banking transactions seamless, quick and more secure.”