[2016-10-12] BS: ICICI Bank executes India's first transaction on blockchain

[polynesia]

ICICI Bank executes India's first transaction on blockchain

http://www.business-standard.com/article/pti-stories/icici-bank-executes-india-s-first-transaction-on-blockchain-116101200519_1.html

ICICI Bank on Wednesday announced that it has successfully executed transactions in international trade finance and remittances using blockchain technology in partnership with Emirates NBD.

"ICICI Bank is the first bank in the country and among the first few globally 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 in real time," the bank said in a statement.

The usage of blockchain technology simplifies the process and makes it almost instant-to only a few minutes. This is in contrast to the current process which involves a complex and lengthy paper trail that requires international shipping and courier, it said.

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[polynesia]

Almost all publications have covered this story. 

http://www.firstpost.com/business/icici-bank-executes-indias-first-transaction-on-blockchain-3048696.html
http://www.thehindu.com/business/icici-bank-executes-indias-first-transaction-on-blockchain/article9211604.ece
http://www.livemint.com/Industry/R8qnQJ3Is2LAYtqt6oQeTN/ICICI-Bank-executes-Indias-first-transaction-on-blockchain.html
http://timesofindia.indiatimes.com/business/india-business/ICICI-Bank-uses-blockchain-tech/articleshow/54820251.cms
http://www.business-standard.com/article/finance/icici-bank-first-indian-lender-to-execute-blockchain-transaction-116101200649_1.html
http://www.thehindubusinessline.com/money-and-banking/icici-bank-executes-intl-trade-finance-remittance-transactions-using-blockchain-tech-in-tieup-with-emirates-nbd/article9211310.ece
http://profit.ndtv.com/news/corporates/article-icici-bank-joined-by-dubais-largest-lender-on-blockchain-project-1473363
http://www.moneycontrol.com/news/business/icici-bank-executes-indias-first-transactionblockchain_7610541.html
http://zeenews.india.com/business/news/finance/icici-bank-executes-indias-first-transaction-on-blockchain_1939226.html

[philiveyjr]

Would they be rolling out any of these technologies in the market any time soon or is it just testing for now ?

They say in the article they tested out 2 transactions, but nothing about how soon they would roll these out.

[@prashant]

I think they are testing it out ,it will take some time to make fully functional in native bank.maybe they are inspired by wipro initial step.