These pilot transactions were executed via ICICI Bank blockchain network with Emirates NBD on a custom-made blockchain application. This application was built together with EdgeVerve Systems, a wholly-owned subsidiary of Infosys.
The blockchain application replicates the paper and gives all the participating entities, including banks, the ability to access a single source of information. This enables all the parties to exchange and authenticate remittance transaction messages as well as original international trade documents related to purchase order, invoice, shipping and insurance, among others, electronically on blockchain in real time.
According to ICICI Bank, the pilot transaction was executed to showcase confirmation of import of shredded steel melting scrap by a Mumbai-based export-import firm from a Dubai-based supplier.
The second initiative involved a transaction on the blockchain application that enabled an ICICI Bank branch in Mumbai to remit funds to an Emirates NBD branch in Dubai in real time.
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