Complexities of banking operations with related to the International trade finance and remittance has been simplified with the introduction of Block chain Transaction system. ICICI Bank is the first to introduce the block chain Transactions in India.
With the Successful execution of Block chain Transaction, the International Trade takes a new turn. One of the largest banking groups from the Middle East, Emirates NBD, and ICICI Bank have come together to execute this successfully.
The new technology makes the international trade documents authentication easier. Documents like purchase order, invoice, shipping, and insurance are processed with the digital verification and just in seconds the transaction can be completed. Earlier such type of transactions used to take days for authentication and transaction completion.
ICICI Bank CEO, Chanda Kochhar stated that the new technology of block chain would play a significant role in future. ICIC Bank has successfully implemented this with a Mumbai-based supplier having the business deal with a Dubai-based company.
The transaction was successfully executed within just seconds. ICICI is the only bank in India and few among the World Bank’s which has implemented this technology.
Usually, the cross nation’s trade transactions include massive documentation and verifications. That is the reason why the time is consumed in completing the transactions. Usually, there are four parties that are involved in these type of transactions – Exporter, Importer, and the two transacting Banks.
The factors that play a vital role in the transactions are digital signatures and data integrity. This is taken care of by the latest technology. Data mining and the decentralization is also a major factor in making the transactions easy and simple.
After the successful implementation in foreign trade, other sectors like health. Internet of things concept. The real time operations in related to transactions and data exchange are also due in the course of implementation.