India-based financial services heavyweight Axis Bank reportedly completed the issuance of a financial contract between two entities in the nations via the help of a government-backed blockchain platform.
Specifically, the platform – dubbed “Secured Logistics Document Exchange (SLDE)” – was reportedly built and rolled out on July 28th last year, by India’s Ministry of Commerce and Industry, to operate as a digital document exchange platform, utilizing blockchain-powered security protocols for data security and authentication.
Per the official announcement, Axis reportedly finalized the issuance of a letter of credit, a financial contract that guarantees payment upon conditions, between ArcelorMittal Nippon Steel India and Lalit Pipes & Pipes Ltd.
Via utilizing SLDE, the Indian ministry reportedly expects to achieve the target of enhancing transparency when it comes to audits, capital requirements and logistics.
“This transaction reinforces Axis’ commitment to lead the digitization in the Transaction banking space.” Axis Bank president of wholesale banking products Vivek Gupta additionally remarked.
The state-backed blockchain platform further comes with a greenhouse gas (GHG) emission calculator, which “allows for commodity-wise comparison of GHG emissions and total cost of transportation, including their environmental cost, between movement by road and rail.”
Also the presence of Ethereum logo was reportedly also included within the image Axis Bank shared for the occasion, further reinforcing the bank’s commitment to blockchain acceptance.
Regardless of the insufficiency in terms of discussions and regulations related to crypto, the Indian central and state governments have reportedly adopted methods with proactiveness to complete the implementation of blockchain throughout numerous business and development industries.