Indian financial services giant Axis Bank issued a contract on state-backed blockchain platform

India’s Ministry of Commerce & Industry developed the SLDE platform for transferring documents using blockchain-based security protocols.

Indian financial services giant Axis Bank issued a financial contract between two home companies by the use of a government-backed blockchain platform called Secured Logistics Document Exchange (SLDE).

SLDE was developed and launched on Jul. 28, 2021, by India’s Ministry of Commerce & Industry to serve as a digital document trade platform that uses blockchain-based safety protocols for information security and authentication.

According to the official announcement, Axis issued a letter of credit, a monetary contract that guarantees charge upon conditions, between Arcelor Mittal Nippon Steel India and Lalit Pipes & Pipes Ltd. With SLDE, the Indian ministry aims to improve transparency in terms of audits, capital requirements and logistics. Axis Bank’s president of wholesale banking products, Vivek Gupta, added:

“This transaction reinforces Axis’ commitment to lead the digitization in Transaction banking space.”

The state-backed blockchain platform additionally includes a greenhouse gas (GHG) emission calculator that “allows for commodity-wise evaluation of GHG emissions and total price of transportation, including their environmental cost, between movement via street and rail.”

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The above image, at first shared by Axis Bank for the occasion, suggests the logo of Ethereum (ETH) — strengthening the bank’s commitment to blockchain acceptance.

Despite the lack of discussions and rules around cryptocurrencies, the central and state governments in India have taken proactive measures to enforce blockchain technology throughout various commercial enterprise and development sectors.

At the end of final year, the state government of Telangana launched an initiative for early-stage Web 2 and Web 3 startups and blockchain developers to assist build solutions to real-world problems. The Government of Telangana’s director of emerging technology, Rama Devi Lanka, highlighted the government’s intent to expedite blockchain implementations throughout a variety of use cases:

“Some of the interesting use cases that the state has already piloted in Blockchain include — T-Chits (chit funds in blockchain), supply chain (seed traceability), e-voting (digital voting platform constructed using blockchain and AI) and more.”

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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