The ICICI Bank has attracted 250 companies on the blockchain-a platform of international transfers

Indian banking giant ICICI is promoting previously announced their initiative to implement the transfer in the system based on the blockchain. The Indian company has attracted more than 250 companies to implement domestic and international financial transactions using blockchain platform ICICI.

Corporate companies participating in the project blockchain-Bank platform, use a technology for making cross-border transfers to pay staff salaries, sending raw materials to internal partners and making payments to domestic suppliers, the report said
of the company.

Kochhar, Chanda (Chanda Kochhar), CEO of ICICI, sees in the blockchain «huge potential to simplify transactions that require a large amount of documentation». Kochhar, also spoke about the company’s plans for the future:

«We also work with banks and other partners to create a comprehensive working environment in the industry using blockchain and development of common working standards that will contribute to the further dissemination of this initiative.»

In ICICI also note that the application on the basis of the blockchain will help banks participating in the project to view transaction data in real-time. Buyers, sellers and other parties may also keep track of the documentation and authentication of assets through a series of secure and encrypted digital contracts.

The inclusion of corporations in the project occurred after ICICI successfully completed a cross-border transaction in the blockchain as part of a deal with Emirates NBD in 2016.

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