Big breaking news! Indian IT giant Infosys announces development of blockchain trade financing network

On Wednesday, Infosys Finacle, a subsidiary of Indian IT giant Infosys, announced a partnership with seven Indian private banks, including ICICI, Axis Bank, South India Bank and Yes Bank, to develop a project called “India Trade Connection (ITC)”. Trade finance network.

The blockchain-based network is designed to digitize trade finance business processes, covering areas such as ownership verification, documentation and proof of payment.

According to the published statement, ITC is currently being used as a pilot project in these banks, using blockchain-based solutions to increase automation and transparency, and to help manage risks in trade and supply chain financing. According to Infosys, ITC will become an "agnostic" of the blockchain to cope with technological changes in the future.

Sanat Rao, director of business at Infosys Finacle, said he hopes more banks will join the alliance so they can understand the potential advantages of the blockchain system.

Rao said:

“The use of distributed ledger technology to digitize trade finance processes and the use of modern technology to develop new business products can provide significant potential for friction elimination, cost reduction and increased revenue.”

ICICI Bank recently announced a blockchain trade finance program involving more than 250 companies and said the partnership "will automate, increase transparency and increase trade and supply chain operational efficiency."

Looking ahead, Ajay Gupta, senior general manager of ICICI Bank, said the alliance aims to create a “comprehensive blockchain ecosystem to increase adoption of this technology”.

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