ICICI Bank first Indian lender to execute Blockchain transaction

Posted on:13 Oct 2016 09:37:40

ICICI Bank first Indian lender to execute Blockchain transaction
13 October 2016 Current Affairs GK: 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.

Gk Current Affairs April 2017

22 APRIL
NEWS
21 APRIL
NEWS
20 APRIL
NEWS
19 APRIL
NEWS

Gk Current Affairs March 2017

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

Gk Current Affairs February 2017

28 FEBRUARY
NEWS
27 FEBRUARY
NEWS
25 FEBRUARY
NEWS
24 FEBRUARY
NEWS




Get Daily Current Affairs to your Email

You can Unsubscribe us at any time.

Get Daily Current Affairs to your Email

You can Unsubscribe us at any time.