HomeCrypto NewsBlockchainAxis Bank issues financial contracts on its platform...

Axis Bank issues financial contracts on blockchain platform

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The Indian Ministry of Commerce & Industry has developed the SLDE platform for document transfer using secure protocols built on blockchain.

Indian financial services giant Axis Bank has issued a financial contract between two businesses in the country using a government-backed blockchain platform called Secured Logistics Document Exchange (SLDE).

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SLDE was developed and released by the Indian Ministry of Commerce & Industry on July 28, 7 to serve as a digital document exchange platform, using secure protocols built on blockchain to data security and authentication.

According to the official announcement, Axis has issued a letter of credit – a financial contract guaranteeing payment under conditions – between Arcelor Mittal Nippon Steel India and Lalit Pipes & Pipes Ltd.

With SLDE, India aims to improve transparency in terms of auditing, capital requirements and logistics. Vivek Gupta – a senior figure of Axis Bank – added:

“This reinforces Axis' commitment to leading the way in digitalization in banking transactions.”

The state-backed blockchain platform also includes a GHG, which “allows intelligent comparisons of GHG emissions and total transportation costs (including environmental costs) between road transport. road and railway”.

Pictures above to shared by Axis Bank, which displays the Ethereum logo, this is intended to reinforces the bank's commitment to blockchain adoption.

Despite the lack of discussion and regulation of cryptocurrencies, over the past time, central and state authorities in India have taken proactive measures to implement blockchain technology across sectors. different business and development.

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