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ICICI Bank first Indian lender to execute Blockchain transaction

ICICI Bank first Indian lender to execute Blockchain transaction
13 October 2016 Current Affairs: ICICI Bank has become the first Indian lender to complete a banking transaction using Blockchain technology. 

This remittance 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, etc 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.

Blockchain allows one to change the age-old process of maintaining a ledger that can be accessed only by one party. Blockchain puts in place a distributed ledger that allows a participatory model. 

A recent PwC survey stated that banks and financial institutions are increasingly looking at adopting and implementing Blockchain to improve efficiency.


March 2017 Current affairs
24 MAR
NEWS
23 MAR
NEWS
22 MAR
NEWS
21 MAR
NEWS
20 MAR
NEWS
18 MAR
NEWS

February 2017 Current affairs
28 FEB
NEWS
27 FEB
NEWS
25 FEB
NEWS
24 FEB
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23 FEB
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22 FEB
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January 2017 Current affairs
31 JAN
NEWS
30 JAN
NEWS
28 JAN
NEWS
27 JAN
NEWS
25 JAN
NEWS
24 JAN
NEWS

December 2016 Current affairs
31 DEC
NEWS
30 DEC
NEWS
29 DEC
NEWS
28 DEC
NEWS
27 DEC
NEWS
26 DEC
NEWS

November 2016 Current affairs
30 NOV
NEWS
29 NOV
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28 NOV
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26 NOV
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25 NOV
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24 NOV
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