ICICI bank reports sign-up of over 250 corporate firms for its blockchain initiative

18 April 2018

ICICIICICI, an Indian multinational banking and financial services company headquartered in Mumbai, reported this week that it has enrolled over 250 corporate firms to the list of the companies and organizations using its blockchain platform for domestic and transnational financial transactions.

According to the bank’s official statement, the firms have subscribed for its earlier announced blockchain initiative and are currently using the technology for international money transfer purposes to pay salaries to their employees, make payments for the raw materials to their local partners and vendors within the country.

Chanda Kochhar, managing director and CEO of ICICI, noted that the blockchain features a high potential for facilitating and streamlining the process of traditionally document-intense trade transactions. He added that the bank is partnering with other peer banks and institutions over establishing a universal environment based on the blockchain with general operating standards to further promote the technology adoption.

ICICI also noted that the bank’s blockchain platform will be able to help participating banks view transaction details in real-time, while businesses will be able to track documentation and asset authentication using cryptographic secure contracts.

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