The project is being led by the central bank’s Innovation Hub in Bangalore, which is technically supported by IBM, SettleMint in Belgium, and Corda Technologies in the United States.
Fast facts on blockchain-based trade finance
- The central bank’s project aims to stop letters of credit fraud by integrating blockchain technology into the fundamental banking system.
- When certain circumstances are met, transactions will be carried out according to the terms of a letter of credit between a bank and a beneficiary.
- According to the report, the pilot project, or “proof of concept,” has already started with banks to run blockchain-backed systems to issue digital letters of credit.
- Immutability offered by blockchain technology may help prevent alteration of records kept in the digital ledger.
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