Seven among the largest banks in India have joined a Blockchain-powered trade finance initiative led by Indian IT giant InfoSys, as contained in a press release, May 16.
The initiative is known as India TradeConnect, which includes Indian top financial institutions such as ICICI, South Indian Bank and Axis Bank, and was reportedly formed to conduct testing of InfoSys’ Finacle Trade Connect, a blockchain platform designed to “address the trade finance process requirements of banks.”
Finance Trade Connect has already sparked bullish sentiment from participants as expressed in the words of Ajay Gupta, ICICI senior general manager as he said;
“We believe, this will enable automation, increase transparency as well as enhance efficiency across trade and supply chain operations.”
To further reiterate his stand on the potential benefits of the Blockchain based initiative, Gupta said;
“With more organisations adopting the Blockchain technology, it holds immense potential to offer a seamless network for all stakeholders on a single platform”
The year 2018 has witness ongoing efforts by financials institutions including central banks around the world, towards adopting the Blockchain technology Multiple to improve the areas of trade finance and supply chain in modern banking, and testing by the seven Indian banking institutions is already underway, according to the press release.