India: Seven major banks start testing Blockchain commercial finance platform

Seven of India's largest banks have joined the trade finance initiative supported by Blockchain, led by India's Infosys.

The group, known as India Trade, includes institutions such as Axis Bank, ICICI and Bank of South India. It was said to have been set up to test Infosys' Financial Trade Connect platform, a Blockchain platform designed to "address the requirements of the commercial bank financing process."

At the same time, Financial TradeConnect already has its fair share of the rising trends from the participants. "We believe this will enable automation, increased transparency as well as enhanced efficiency across trade and supply chain operations," said ICACI General Manager Ajay Gupta.

With more organizations adopting Blockchain technology, they have tremendous potential to provide a seamless network for all stakeholders on a single platform.

Several efforts are trying to improve the areas of trade finance and supply chain in modern banking in 2018. Earlier this week, Cointelegraph reported that HSBC, the UK-based giant, had completed the world's first commercial trade deal with Blockchain, shipping soybeans from Argentina to Malaysia.

In India, the ICCI's Blockchain initiative for domestic and international trade finance transactions attracted some 250 companies, which were unveiled last month.