Axis Bank announced on Monday that it has completed an industry-first blockchain-powered domestic trade deal with Arcelor Mittal Nippon Steel India and Lalit Pipes & Pipes Ltd on the Secured Logistics Document Exchange (SLDE), a government aided blockchain powered solution.
According to the company, the transaction included the letter of credit issuing procedure and also the digital transmission of key trade records such as invoices and shipping documentation.
The platform, as per the bank, gives a frictionless experience to all parties in the commercial transaction, providing them transparency of the transaction procedure and documentation, paving way for improved administration of working capital requirements. T
he fulfillment of deals on the SLDE platform overcomes all historical concerns with physical documents-based trading activities, including restricted transparency, sluggish pace of physical document transmission, and an absence of audit record, according to the company.
“This deal reaffirms Axis’ dedication to promoting transaction banking digitization. Axis tries to pursue the market in blockchain technology implementation by collaborating with multiple partners and growing the environment” Axis Bank’s president and chief (wholesale banking solutions), Vivek Gupta, stated. “Arcelor Mittal Nippon Steel India is continuously searching for ways to enhance the operation and execution of its supply chain network, which involves a variety of stakeholders such as suppliers, customers, and bankers.”
“This deal with Axis Bank is a move in the right path” Arcelor Mittal Nippon Steel India’s deputy chief financial officer, Amit Harlalka, remarked.
