Dubai’s biggest bank, Emirates NBD is working with India’s ICICI on a pilot project to use blockchain technology for trade finance and global remittances, in what they say is first for banks from the Middle East and India.
The project disclosed banks can expressively cut transaction costs and time, while signifying a near real-time transfer of invoices and purchase orders for trade finance purchases, Emirates NBD said.
Blockchain, originated from digital currency bitcoin, works as an electronic transaction-processing and record-keeping system that permits all parties to trace information through a secure network, with no need for third-party verification.
Several banks have broadcasted plans to use the technology, with Microsoft joining forces with Bank of America Merrill Lynch to build and check the technology and create a blockchain-based framework that could finally be sold to other businesses, the pair said last month.
Emirates NBD and ICICI, India’s major private sector bank by consolidated assets, say they are associating with Infosys Finacle to testing blockchain technology across multiple banking and payment services.
Emirates NBD joins ICICI on blockchain project
