Indian bank ICICI Experiments with Blockchain.
The second largest private bank in India in terms of possession of assets, the ICICI, is showing great interest in developing blockchain applications, according to the Director General and CEO of the bank Chanda Kochhar. In an interview with the Huffington Post, Kochhar said that the bank is preparing for a technological revolution, driven by innovation that is causing blockcahin technology. While there are claims looming the Fintech as the biggest threat, the banking industry, on the other hand the executive director says that the bank is constantly looking for blockchain technology.
In addition, he said that banks should keep abreast of financial innovations beyond the banking sector added more, banks can never be seen as paranoics, with these innovations, which take place outside the banking system, which is remarkable, banks can see them as potential innovations that the banks themselves can offer their clients to build stronger long-term relationships with their users and customers.
This information is off, a few weeks after the ICICI Bank, which announced a successful pilot project execute transactions through a blockchain. This project was developed in partnership with Emirates NBD, which is the largest bank in the Middle East, on it an Accounting Distributed Books platform tailored customer, it means for consumption and use was used. The first transaction was a transference of concentive remittance funds, including a bank branch of ICICI, located in Munbai, bound to a branch of Emirates NBD in Dubai, the result of the transfer was made in real time and with great success.
Then in a second time, a transaction of commercial financing in which the participants in the chain, the bank, the importer and exporter, gained access to update data was performed, it imported steel scrap was performed crushed in Munbai to a supplier based in Dubai.
As recalled in India blockchain is very popular, because ICICI is not the only major Indian bank which explores transactions and experiments with blockchain in pilot tests. other banking institutions are mentioned as; Kotak Mahindra Bank and Axis, private banks also revealed their own developments based on Blockchain as solutions for multiple sectors of the financial industry.
In this regard, the Head of Digital Services, Deepak Sharma, Kotak Mahindra Bank, said the underlying technology bitcoin “We are theoretically convinced that blockchain is the way ahead. But we have to establish a practical use of the technology. As of now, the focus is on whether the technology is scalable in the near future.”
From current events, India’s position as a leading provider of technology services, means that the development of blockchain in the country is inevitable, even beyond the scope of the financial industry. There are some examples; Indian IT services firm, Tata Consultancy Services, the largest in the country is developing more than 100 projects on blockchain technology for various customers around the world, according to information provided by its Executive Chairman.
Moreover, Visa is heavily investing in the development of blockchain technology, a new technology center in the city of Bangalore, the IT capital of the country. This company as the largest payment network in the world plans to hire 1,000 engineers to work in his laboratory research, and initiate work by the end of 2016. The technology center will focus on Fintech, will work in conjunction with laboratories existing research in Singapore and the US, to develop solutions distributed books, which could have a profound impact on traditional payment industry.
It is important to note that India as an economic world power emerging, already is a reality in the economic world, now with the use of blockchain and bitcoin technology, seeking to live up to the great challenges in terms of lower costs to customers and users, banking institutions, thus, speed, clarity, transparency, efficiency, among other things provides. It is expected for new ads.
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