MUMBAI, India—ICICI Bank last week announced that it has successfully executed transactions in international trade finance and remittance using blockchain technology in partnership with Emirates NBD.
The transactions made ICICI the first bank in India and among the first few globally to exchange and authenticate remittance transaction messages as well as original international trade documents related to purchase order, invoice, shipping and insurance, among others, electronically on blockchain in real-time, Inc42.com reported.
ICICI Bank piloted transactions via its blockchain network with Emirates NBD on a custom-made blockchain application, co-created with EdgeVerve Systems, a wholly owned subsidiary of Infosys, the website reported.
“Though the transactions itself are a significant milestone, what’s more significant is that the banks are now beginning to believe that blockchain technology will change the way transactions will be done. And banks are warming up to them,” Inc.42 stated.