Published on May 18th, 2018 | by bitcoin0
Infosys Joins 7 Banks to Support Blockchain Trade Finance Network
Indian IT giant Infosys is exploring the potential of blockchain technology to bring new efficiencies in trade finance.
Infosys Finacle, a subsidiary of the firm, announced Wednesday the development of a trade network called India Trade Connect (ITC) in partnership with seven Indian private banks, including ICICI, Axis Bank, South Indian Bank and Yes Bank.
The blockchain-based network has been designed to digitize trade finance business processes and covers areas such as ownership validation, certification of documents and payments.
According to Infosys, ITC has been built to be blockchain “agnostic” in order to “future-proof” the network against future changes in technology.
ICICI bank, which recently announced a blockchain trade finance initiative involving over 250 companies, said that the partnership “will enable automation, increase transparency as well as enhance efficiency across trade and supply chain operations.”