Axis Bank Becomes Third Lender to Use Block Chain Solution
Posted on: 11 Jan 2017 09:11:28
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.
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