Banking giant ICICI is shifting ahead with a previously disclosed blockchain trade finance initiative.
As announced on Tuesday, the India-based firm has enlisted over 250 organizations to undertake international and domestic trade finance transactions utilizing ICICI's blockchain platform.
Corporate companies have registered on the bank's blockchain application and are employing the technology in cross-border transfer of funds for the payment of employee salaries, payments to domestic vendors, and raw materials to domestic partners according to the company release.
As such, CEO and managing director of ICICI Chanda Kochhar foresees blockchain having "enormous potential to abridge the document-intensive trade transactions."
[Video] 250 Corporates Join ICICI Bank Blockchain Test
