{"id":559,"date":"2017-01-30T04:45:19","date_gmt":"2017-01-30T04:45:19","guid":{"rendered":"https:\/\/blogs.scu.edu\/finis\/?p=559"},"modified":"2017-01-30T04:45:19","modified_gmt":"2017-01-30T04:45:19","slug":"major-banks-from-india-and-dubai-complete-blockchain-trade-finance-transaction-icici-indias-largest-private-bank-and-emirates-nbd-recently-announced-successful-international-transactions","status":"publish","type":"post","link":"https:\/\/blogs.scu.edu\/finis\/2017\/01\/30\/major-banks-from-india-and-dubai-complete-blockchain-trade-finance-transaction-icici-indias-largest-private-bank-and-emirates-nbd-recently-announced-successful-international-transactions\/","title":{"rendered":"Major banks from India and Dubai complete blockchain trade finance transaction ICICI, India\u2019s largest private bank, and Emirates NBD, recently announced successful international transactions for both trade finance and remittance purposes using blockchain technology. This pilot transaction was executed to showcase confirmation of import of \u201cshredded steel melting scrap\u201d by a Mumbai-based export\/import firm from a Dubai-based supplier, and to exchange and authenticate original international trade documents. The blockchain trade application co-created by ICICI Bank \u201creplicates the paper-intensive international trade finance process as an electronic decentralised ledger\u201d. The information contained in the blockchain transaction included a purchase order, an invoice, shipping and insurance papers. Each participant was able to access and view a single dataset, to authenticate ownership of goods digitally, transmit their trade documents, check the status of their applications, and transfer their titles, while maintaining confidentiality. Further, it allowed each participant to check online the status of the application, transfer of title and transmission of original trade documents through a secure network, while preserving client and commercial confidentiality. The application is designed to work with existing banking systems and processes, allowing banks to \u201cplug in their systems and process."},"content":{"rendered":"

ICICI<\/strong>, India\u2019s largest private bank, and Emirates NBD<\/strong>, \u00a0<\/a>recently announced successful international transactions for both trade finance and remittance purposes using blockchain technology.<\/p>\n

This pilot transaction\u00a0 was executed to\u00a0showcase confirmation of import of \u00a0\u201cshredded steel melting scrap\u201d by a Mumbai-based export\/import firm from a Dubai-based supplier, and to exchange and authenticate original international trade documents. The blockchain trade application co-created by ICICI Bank \u201creplicates the paper-intensive international trade finance process as an electronic decentralised ledger\u201d.<\/p>\n

The information contained in the blockchain transaction included a purchase order, an invoice, shipping and insurance papers. Each participant was able to access and view a single dataset, to authenticate ownership of goods digitally, transmit their trade documents, check the status of their applications, and transfer their titles, while maintaining confidentiality. Further, it allowed each participant to check online the status of the application, transfer of title and transmission of original trade documents through a secure network, while preserving client and commercial confidentiality. \u00a0The application is designed to work with existing banking systems and processes, allowing banks to \u201cplug in their systems and process.<\/p>\n

Source: https:\/\/www.finextra.com\/blogposting\/13593\/blockchain-accelerated-activity-in-trade-finance<\/p>\n","protected":false},"excerpt":{"rendered":"

ICICI, India\u2019s largest private bank, and Emirates NBD, \u00a0recently announced successful international transactions for both trade finance and remittance purposes using blockchain technology. This pilot transaction\u00a0 was executed to\u00a0showcase confirmation of import of \u00a0\u201cshredded steel melting scrap\u201d by a Mumbai-based export\/import firm from a Dubai-based supplier, and to exchange and authenticate original international trade documents. … Continue reading Major banks from India and Dubai complete blockchain trade finance transaction ICICI, India\u2019s largest private bank, and Emirates NBD, recently announced successful international transactions for both trade finance and remittance purposes using blockchain technology. This pilot transaction was executed to showcase confirmation of import of \u201cshredded steel melting scrap\u201d by a Mumbai-based export\/import firm from a Dubai-based supplier, and to exchange and authenticate original international trade documents. The blockchain trade application co-created by ICICI Bank \u201creplicates the paper-intensive international trade finance process as an electronic decentralised ledger\u201d. The information contained in the blockchain transaction included a purchase order, an invoice, shipping and insurance papers. Each participant was able to access and view a single dataset, to authenticate ownership of goods digitally, transmit their trade documents, check the status of their applications, and transfer their titles, while maintaining confidentiality. Further, it allowed each participant to check online the status of the application, transfer of title and transmission of original trade documents through a secure network, while preserving client and commercial confidentiality. The application is designed to work with existing banking systems and processes, allowing banks to \u201cplug in their systems and process.<\/span><\/a><\/p>\n","protected":false},"author":1711,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"qubely_global_settings":"","qubely_interactions":"","kk_blocks_editor_width":"","_kiokenblocks_attr":"","_kiokenblocks_dimensions":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-559","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"gutentor_comment":0,"qubely_featured_image_url":null,"qubely_author":{"display_name":"vinaykjay","author_link":"https:\/\/blogs.scu.edu\/finis\/author\/vinaykjay\/"},"qubely_comment":0,"qubely_category":"Uncategorized<\/a>","qubely_excerpt":"ICICI, India\u2019s largest private bank, and Emirates NBD, \u00a0recently announced successful international transactions for both trade finance and remittance purposes using blockchain technology. This pilot transaction\u00a0 was executed to\u00a0showcase confirmation of import of \u00a0\u201cshredded steel melting scrap\u201d by a Mumbai-based export\/import firm from a Dubai-based supplier, and to exchange and authenticate original international trade documents.…","post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/users\/1711"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/comments?post=559"}],"version-history":[{"count":1,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/559\/revisions"}],"predecessor-version":[{"id":560,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/559\/revisions\/560"}],"wp:attachment":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/media?parent=559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/categories?post=559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/tags?post=559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}