Axis Bank Becomes Third Lender to Use Block Chain Solution

Posted on:11 Jan 2017 09:11:28

Axis Bank Becomes Third Lender to Use Block Chain Solution
11 January 2017 Current Affairs: The private sector lender Axis Bank has also joined the group as the third bank to use block chain solutions in its operations.

Third largest Private sector bank led by Shikha Sharma has tied up with fintech firm Ripple to offer the solution.

Blockchain is a secured way of conducting online transactions. It is a decentralized digital ledger that records transactions on thousands of computers globally in such a way that the registered transactions cannot be altered retrospectively.  

The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset.

The Block-Chain technology would be used for cross border remittances which is a key area of concern for the banks. Use of the new technology would enable instant transfer of money as against the current system that takes about a week for the same.


Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs May 2017

27 MAY
NEWS
26 MAY
NEWS
25 MAY
NEWS
24 MAY
NEWS

Current Affairs April 2017

29 APRIL
NEWS
28 APRIL
NEWS
27 APRIL
NEWS
26 APRIL
NEWS

Current Affairs March 2017

31 MARCH
NEWS
30 MARCH
NEWS
29 MARCH
NEWS
28 MARCH
NEWS