Launch of blockchain-based trade finance scheme by RBI and Indian banks


According to the Economic Times, which cited unnamed sources, the Reserve Bank of India (RBI) has established a blockchain-based trade finance pilot project in partnership with leading lenders such as HDFC Bank, ICICI Bank, and State Bank of India, among others .

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.

Launch of blockchain-based trade finance scheme by RBI and Indian banks imgpsh fullsize anim |  BuyUcoin

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.

Source: Yahoofinance

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