MUMBAI: Private lender Axis Bank announced on Monday that it has successfully executed the nation’s first blockchain-based commercial transaction with Arcelor Mittal Nippon Steel India and Lalit Pipes & Pipes Ltd on Secured Logistics Document Exchange (SLDE), a platform backed by the government.
The transaction involved the letter of credit advice process as well as the digital presentation of the underlying business documents, including invoices and transport documents, he said.
According to the bank, the platform provides a seamless experience for all participants involved in the business transaction, giving them visibility into the transaction and documents, resulting in better working capital management. Executing trades on the SLDE platform solves all historical problems associated with paper-based trade transactions, such as limited transparency, slow transfer of physical documents and lack of audit trail, he said. declared.
“This transaction reinforces Axis’ commitment to leading digitalization in the transaction banking space. Axis continues to lead the industry in the adoption of blockchain technology by working with various partners and growing the ecosystem,” said Vivek Gupta, President and Head (Wholesale Banking Products), Axis Bank.
“Arcelor Mittal Nippon Steel India is constantly seeking to bring about sustainable improvement in the operation and delivery of its supply chain network involving various stakeholders as suppliers, customers and bankers. This transaction with Axis Bank is a step in that direction,” said Amit Harlalka, Deputy Chief Financial Officer, Arcelor Mittal Nippon Steel India (AM/NS India).
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