One of India's leading private sector banks has become a pioneer in successfully remitting money in real time, using innovative blockchain technology with a UAE financial institution. ICICI Bank said that it completed the transactions in partnership with Emirates NBD.
This technology simplifies the process and only takes a few minutes to complete a transaction. This is in contrast to the existing process which involves a lengthy paper trail. It also enables the financial institutions to authenticate ownership of assets digitally, as an unalterable ledger in real time.
ICICI Bank managing director and chief executive officer Chanda Kochhar said the emerging blockchain technology will play a significant role in banking. In the future, she said, the technology will make complex bilateral and multi-lateral banking transactions seamless, quick and more secure.
Going forward, the bank is keen on expanding the blockchain ecosystem and create common working standards to contribute to the commercial adoption of this initiative.
“ICICI Bank executed these pilot 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 bank said.
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