Emirates NBD, ICICI Complete Cross-Border Blockchain Transaction
Major banks in Dubai and India have embarked on a series of blockchain trials with the help of Infosys.
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.
India's central bank recently called for financial institutions in the country to explore possible use cases, meanwhile, in Dubai, the government has moved to back development efforts that could see real-world applications within the next several years.
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:
India and UAE coins via Shutterstock
Correction: This article has been updated to correct misspellings of Emirates NBD.
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