Axis Bank continues to lead the industry in adopting blockchain technology by working along with various partners and developing the ecosystem.
Axis Bank said it has successfully executed industry-first blockchain-enabled domestic trade transactions with Arcelor Mittal Nippon Steel India and Lalit Pipes & Pipes Ltd on Secured Logistics Document Exchange (SLDE), a government-backed platform.
According to the bank, the platform provides a seamless experience to all participants involved in the trade transaction, giving them visibility of the transaction and documents, thus better managing working capital requirements. In addition, the execution of transactions on the SLDE platform addresses all historical issues with paper-based trade transactions, such as limited transparency, slow transfer of physical documents, and lack of audit logs.
“This transaction reinforces Axis’ commitment to lead the digitization in transaction banking space. Axis continues to lead the industry in adopting blockchain along with various partners and developing the ecosystem,” said Vivek Gupta, president and head (wholesale banking products), Axis Bank. Deputy chief financial officer Amit Harlalka said that AM/NS India is constantly looking for a sustained improvement in the function and delivery of its supply chain network.