Axis Bank stated that it has executed the industry-first blockchain-enabled domestic trade transaction on the Secured Logistics Document Exchange (SLDE) platform. The transaction involved the process of a letter of credit advice as well as the digital presentation of underlying trade documents, including invoices and transport documents. The transaction is with Arcelor Mittal Nippon Steel India (AM/NS India), and Lalit Pipes and Pipes (LPPL).
The platform provides a seamless experience for all participants involved in the trade transaction, giving them visibility of the transaction and documents, thus resulting in better management of working capital requirements. Execution of transactions on the SLDE platform, backed by the government of India, addresses all historic issues with paper-based trade transactions such as limited transparency, slow speed of transfer of physical documents, and lack of audit log.
“This transaction reinforces Axis’ commitment to lead digitization in the transaction banking space. Axis continues to lead the industry in adoption of blockchain technology by working with various partners and developing the ecosystem,” said Vivek Gupta, President, and Head – Wholesale Banking Products, Axis Bank.
