Three Indian private banks – ICICI Bank initially and Axis Bank and Kotak Mahindra Bank – have started conducting pilot transactions using block chain technology. While ICICI Bank, in partnership with Dubai’s Emirates NBD, successfully completed two pilot transactions, one an international trade finance transaction and other a realtime remittance, Axis Bank and Kotak Mahindra Bank are said to be experimenting with block chain-based solutions in different sectors of businesses and industry., including cross-border remittance and the trade finance. According to news reports, Deepak Sharma, chief digital officer, Kotak Mahindra Bank, said the bank is theoretically convinced that block chain is the way ahead. But the bank has to establish a practical use of the technology and as of now, the focus is on whether the technology is scalable in the near future. Axis Bank too foresees a situation where block chain technology could facilitate retail consumer banking sector.
