Question: Recently, which Indian bank has performed first successful international transaction on blockchain technology?
a) ICICI
b) HDFC
c) SBI
d) None of the above
Ans: (a)
Related facts:
- On 12th October, 2016 India’s leading private sector bank ICICI announced that it has successfully executed transactions in international trade finance and remittance using blockchain technology in partnership with Emirates NBD, a leading banking group in the Middle East.
- ICICI Bank is the first bank in the India and among the first few worldwide 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 technology in real time.
- The use of blockchain technology makes the process easier and makes it almost instant in comparison to the current process which has a complex and lengthy paper trail that needs international shipping and courier.
- ICICI Bank performed these pilot transactions via its blockchain network with Emirates NBD on a custom-made blockchain application.
- The application was created by EdgeVerve Systems which is a subsidiary of Infosys.
- The blockchain application replaces paper and uses an electronic decentralised ledger that gives all the entities, including banks, the ability to access a single source of information.
- This enables all the parties- the importer, ICICI Bank and the exporter abroad along with Emirates NBD, to access the same data in real time and helps to track documentation and authenticate ownership of assets digitally.
Reference:
https://www.icicibank.com/aboutus/article.page?identifier=news-icici-bank-executes-indias-first-banking-transactions-on-blockchain-in-partnership-with-emirates-nbd-20161210162515562
http://www.thehindu.com/business/icici-bank-executes-indias-first-transaction-on-blockchain/article9211604.ece