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Axis Bank uses state-backed blockchain platform for financial contract

Tuesday 11 January 2022 13:59 CET | News

India-based financial services player Axis Bank has issued a financial contract between two domestic businesses by using a government-backed blockchain platform.

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. 

The state-backed blockchain platform also includes a greenhouse gas (GHG) emission calculator that allows for commodity-wise comparison of GHG emissions and total cost of transportation, including their environmental cost, between movement by road and rail.

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Keywords: Axis Bank, blockchain, digital assets, tokenization
Categories: DeFi & Crypto & Web3
Companies: Axis Bank
Countries: India
This article is part of category

DeFi & Crypto & Web3

Axis Bank

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