Two more major banks successfully completed a cross-border transaction executed on a blockchain today.
by ICICI Bank and Emirates NBD, the trial represents the latest efforts among banks worldwide to use the technology to facilitate faster, lower-cost transactions. Notably, ICICI and Emirates NBD are among the largest banking groups in their respective countries.
In one of the tests, an ICICI bank branch based in Mumbai transmitted a transaction, via a blockchain, to an Emirates NBD location in Dubai. The banks also tested a distributed ledger for tracking documentation for trade finance.
In some ways, the trials reflect the rising profile of blockchain tech in both India and Dubai.
For now, ICICI and Emirates NBD say that the trials are the first of more to come.
Chanda Kochhar, CEO and managing director of ICICI, said in a statement:
Correction: This article has been updated to correct misspellings of Emirates NBD.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.