Axis Bank uses state-backed blockchain platform for financial contract

The platform used is named Secured Logistics Document Exchange (SLDE), and it was developed and released on 28 July 2021, by India’s Ministry of Commerce and Industry to serve as a digital document exchange platform that uses blockchain-based security protocols for data security and authentication.

According to the official announcement, Axis issued a letter of credit, a financial contract that guarantees payment upon conditions, between ArcelorMittal Nippon Steel India and Lalit Pipes & Pipes. With SLDE, the Indian ministry aims to improve transparency in terms of audits, capital requirements and logistics.