Published on May 18th, 2017 | by bitcoin0
From weeks to hours in the bank blockchain pìlot in India
An Indian bank has partnered with Deloitte to use Blockchain to reduce trade finance processes from weeks to hours.
Kotak Mahindra Bank, a private institution, used Blockchain technology to offer letters of credit (LCs) in “a few hours” rather than “20 to 30 days,” local news resource The Economic Times reports.
JPMorgan Singapore was the partner bank for the international transactions.
Our proof of concept transaction will change the narrative hereon.”
Despite confused regulatory approaches to decentralized innovation in India, enthusiasm even for Bitcoin itself continues unabated.
The State Bank of India has, meanwhile, encouraged the use of Blockchain with regard to data sharing, streamlining the documents process under a scheme it dubbed “Bankchain.”