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Author Topic: India's largest private Bank embraces Blockchain  (Read 641 times)
avikz
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July 30, 2018, 10:53:23 AM
 #1

As the subject line mentioned, the largest private sector bank in India, ICICI Bank embraces the power of Blockchain technology. As a trial run, they have initiated this technology transformation with one of their counterparts Emirates NBD in Middle East. While going through my personal Linkedin profile today, I found the below update,

https://www.linkedin.com/feed/update/urn:li:activity:6397396738059132928


The change is imminent! The sooner they adopt it, the better!

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July 30, 2018, 03:17:53 PM
 #2

Hmmm, I've found this:

https://www.vccircle.com/what-blockchain-and-why-icici-bank-s-use-it-big-deal/

Quote
On Wednesday ICICI Bank said that it had successfully executed international trade finance and remittance transactions using ‘blockchain’ technology. Here is all you wanted to know about what ‘blockchain’ technology is and why an Indian bank using it is a big deal.

ICICI, India’s largest private bank, says it collaborated with Dubai’s largest bank Emirates NBD on a pilot project to execute international trade finance and remittance transactions using ‘blockchain’ technology. What makes this development significant is that it is being used for the first time by banks in India as well as in the Middle East. The banks say they have partnered with banking solution Infosys Finacle for this.

The date of the article is: 13 October, 2016

Anyhow, loved that picture with "decentralization", yeah right....
Decentralization where five banks control the chain.


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August 01, 2018, 08:50:21 PM
 #3

The news that you have shared is at least 2 years old, but I would like to add what is happening right now. Right now, more than 250 corporates have signed up on the Bank’s blockchain application to try out a more time and cost efficient and secure way of undertaking domestic & international trade transactions. Meanwhile RBI is trying to regulate cryptos, which will revolutionized India's economy for good.
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August 01, 2018, 09:47:55 PM
 #4

Not only ICICI but other banks of India should try to embrace the blockchain technology sooner or later because Reserve Bank of India is currently thinking of regulating cryptocurrency after the recent hearing of Supreme Courty. They have even come up with draft regarding the regulations so that government can get a hold of all the transactions.
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August 01, 2018, 09:51:45 PM
 #5

India is really a great contributor of cryptocurrency, they are really a great supporter of it, that is why I salute them, how I wish my country would embrace this kind of change as well that instead of saying that it is scam then they will see this as a great opportunity for all of us especially if we will all adopt it in our daily life.
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August 01, 2018, 10:59:19 PM
 #6

HDFC Bank, India’s largest private bank, has embraced all of these trends and has emerged as a customer-centric organization with personalized offers and innovative products and services to the market. https://gomedici.com/how-indias-leading-private-bank-leveraging-power-of-fintech/
Blockchain technology began gaining prominence in the country following the emergence of bitcoin. https://www.forbes.com/sites/sindhujabalaji/2017/12/28/indias-blockchain-revolution-goes-beyond-banks/#1b7390ea4123
ICICI Bank carried out India’s first international trade transaction and overseas remittances using blockchain. Since then YES Bank, Kotak Mahindra Bank and Axis Bank have also started harnessing the technological concepts underlying Bitcoin. blockchain. http://economyria.com/blockchain-india/ https://www.forbes.com/sites/suparnadutt/2017/09/01/blockchain-is-slowly-changing-digital-banking-in-india-thanks-to-these-startups/#a155e574a172

Yes, The change is imminent! India is changing very fast day by day. There is no backpack.

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August 01, 2018, 11:12:58 PM
 #7

it is very amazing, when the government of India bans crypto, ICICI bank creates new innovations? does ICICI Bank try to fight the government or ICICI banks get legality from the government?

but, if the Indian government changes their decision, this is a good idea, some crypto users can use ICICI bank as for transactions.

please provide me more information about how the response from the indian society.

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August 02, 2018, 10:03:47 AM
 #8

I hope it’s will effect to create a positive  view about cryptocurrency to india’s people. They will more interested about cryptocurrency by this attempts.
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August 02, 2018, 10:06:04 AM
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I hope it’s will effect to create a positive  view about cryptocurrency to india’s people. They will more interested about cryptocurrency by this attempts.
But, the negative is, they were banning bitcoin for whatsoever and I think they cannot ban it because they also using the blockchain.

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August 02, 2018, 10:12:22 AM
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I think that’s pretty good for india. And it can help to bright the future of bitcoin of cryptocurrency as well as. I wish india’s government also rely a positive resulation about bitcoin
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August 02, 2018, 10:15:41 AM
 #11

In the tweet, ICICI bank shows they are interested in Blockchain tech which is a no news to me as they talked it about many times ago. Bank and blockchain two theories don't go one with another, in my assumption. They are little a bit opposite to each other. One goes with centralization and other with decentralization.
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August 02, 2018, 10:20:30 AM
 #12

I think its not a matter of concern. Private bank try to stop it because they have not cope up with digital currency. They thought their business will fall if crypto start operation. I think both platform are different it will not affect the other sector. Hopefully crypto will accept by Indian government.
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August 02, 2018, 10:33:00 AM
 #13

Not only ICICI but other banks of India should try to embrace the blockchain technology sooner or later because Reserve Bank of India is currently thinking of regulating cryptocurrency after the recent hearing of Supreme Courty. They have even come up with draft regarding the regulations so that government can get a hold of all the transactions.

they should but not all banks want to. some are even against.  ut if the law requires it they will have no choice

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August 02, 2018, 10:48:42 AM
 #14

Yes this is true but I think its ot a matter of concern. Block chain technology already accepted all over the world. Nothing can stop its growth of this technology. Some company try to stop it because they did not have enough knowledge about it.
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August 02, 2018, 10:59:06 AM
 #15

In indian private bank ICICI is strated blockchain technology. I think it is very good sign for Blockchain technology. Blockchain are more secure and reliable technology.
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August 02, 2018, 12:07:24 PM
 #16

It is a great new for asian, as I am Sri Lankan, I am so happy with that news, I believe that  Sri Lanka government aslo will be able to use crypto currency son.
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August 02, 2018, 12:21:18 PM
 #17

With this current developments you can see that blockchain and bitcoin has come to stay. Even with all the attacks and negative news blockchain and bitcoin is still recording millstone achievements. So it is either you join now or regret tomorrow.
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August 02, 2018, 12:41:59 PM
 #18

I believe that this is not a decentralized system. If the processing server will be located on the territory of certain banks. I don't think it's right or will have a future. I believe that there should be a chain among 5000 banks that are competitors to each other in principle, but use the same technology in different parts of the world.

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August 02, 2018, 12:43:39 PM
 #19

I hope the Indian government see bitcoin in a good light after all this, even just a little bit. Lots of potential investors in there just making sure  if they are not doing something illegal. Better yet, other banks should follow in its foot steps.

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August 02, 2018, 01:02:54 PM
 #20

I think i have heard this news long before. But it will be a great attempt by ICICI bank and they should be appreciated. And i hope it will make blockchain more popular in INDIA.
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