Axis Bank completes first Domestic Trade Transaction on Indian government-backed blockchain platform
Axis Bank, the third-largest private bank in India, has executed the first Domestic Trade Transaction in the country using a blockchain-based platform released by India's government earlier this year.
Axis Bank is taking a step forward
Axis Bank is India's major private bank which was formed in 1993 as UTI Bank and has seen widespread growth since then. The financial services provider revealed in a recent press release that it executed the "industry-first blockchain-enabled Domestic Trade Transaction with Arcelor Mittal Nippon Steel India (AM/NS India), and Lalit Pipes & Pipes Ltd. (LPPL) on Secured Logistics Document Exchange (SLDE)."SLDE is a blockchain-based platform that was released on Jul. 28, 2021, "with an aim to further improve ease of doing business." The platform is backed by the Government of India and aims to "improve logistics efficiency, reduce logistics cost, and promote multi-modality and sustainability."
Axis Bank issued a Letter of Credit, as per the announcement from the firm. The Letter of Credit is a contract that confirms payment when conditions are met.
A number of benefits
The SLDE platform "provides a seamless experience to all participants involved in the trade transaction, giving them visibility of the transaction and documents, thus resulting in better management of working capital requirement," said the official press release from Axis Bank.The blockchain-based system has several benefits when compared to the paper-based system, which was followed earlier. As per the press release from Axis Bank, issues like "limited transparency, slow speed of transfer of physical documents, and lack of audit log" have all been dealt with using SLDE.
Mr. Vivek Gupta, President & Head – Wholesale Banking Products, Axis Bank, commented:
"This transaction reinforces Axis' commitment to lead the digitization in Transaction banking space. Axis continues to lead the industry in the adoption of blockchain technology by working along with various partners & developing the ecosystem."
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