The second largest Indian Bank ICICI have joined 250 corporations on the platform of the blockchain to conduct both domestic and international transactions.
According to ICICI, among the companies are corporate conglomerates and giants conducting various types of transactions, such as payments for international employees, payments within the country and payments for raw materials, through a distributed chain.
“The use of blockchain technology simplifies the intensive process of trade financing by attracting contractors on the same platform, which allows you to make decisions almost in real time,” the ICICI explains.
The Bank refused to give details of its blockchain technology, but it is known that the platform can provide about 4,800 ICICI branches in the country and worldwide.
ICICI has been studying the application of blockchain in practice since 2016, when a new specialized division of the Bank was created.
The pilot transaction for the transfer of funds in real time through the blockchain was carried out from the ICICI Bank branch in Mumbai to the Emirates NBD branch in Dubai, CCN writes.