- Axis Bank continues to lead the industry in adoption of blockchain technology by working along with various partners and developing the ecosystem
MUMBAI: Private lender Axis Bank on Monday said it has successfully executed industry-first blockchain-enabled domestic trade transaction with Arcelor Mittal Nippon Steel India, and Lalit Pipes & Pipes Ltd on Secured Logistics Document Exchange (SLDE), a government-backed platform.
The transaction involved the process of letter of credit advising as well as digital presentation of underlying trade documents including invoice and transport documents, it said.
According to the bank, the platform provides a seamless experience to all participants involved in the trade transaction, giving them visibility of the transaction and documents, thus resulting in better management of working capital requirement. Execution of transaction on the SLDE platform addresses all historic issues with paper-based trade transactions such as limited transparency, slow speed of transfer of physical documents, and lack of audit log, it said.
“This transaction reinforces Axis’ commitment to lead the digitization in transaction banking space. Axis continues to lead the industry in adoption of blockchain technology by working along with various partners and developing the ecosystem,” said Vivek Gupta, president and head (wholesale banking products), Axis Bank.
“Arcelor Mittal Nippon Steel India is constantly looking to bring a sustained improvement in the function and delivery of its supply chain network involving various stakeholders as vendors, customers and bankers. This transaction with Axis Bank is a step in this direction,” said Amit Harlalka, deputy chief financial officer, Arcelor Mittal Nippon Steel India (AM/NS India).
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