Blockchain technology is being explored by many financial service providers all over the world right now. Over in India, the first-ever blockchain transaction has been successfully completed. ICICI Bank, one of the country’s largest private banks, conducted several transactions using this technology. In doing so, they became the first Indian bank to publicly acknowledge success in the world of distributed ledgers.
As one would come to expect from such an announcement, a proprietary blockchain is used for these transactions. Together with EdgeVerve Systems, ICICI Bank completed transactions with an import-export firm in Mumbai. They also tested money remittance between Mumbai and an Emirates NBD branch. Both tests were deemed a great success.
ICICI Bank Reaches Blockchain Milestone
Although these were only two small tests, ICICI Bank remains very keen on exploring further possibilities. In fact, there are plans to expand their private blockchain ecosystem and establish working standards. Commercial adoption of such an initiative is the top priority, after all. For now, it is anybody’s guess as to what the Indian bank may try to accomplish next.