Two of the Middle East’s Biggest Banks Have Partnered on a Blockchain Project
Successful transactions have been run through the system.
Another pair of banks just announced their adoption of blockchain, the newly emerging technology that powers bitcoin. Emirates NBD, Dubai’s largest bank, and India’s ICICI just launched a pilot blockchain network, and they have already started using the network for transactions.
Both secure and instantaneous, blockchain technology is getting a lot of attention from many different sectors, primarily banking. Transactions are transmitted instantaneously, and documents can be viewed by all parties in real time. All this is anchored on a secure, tamper-proof system.
Emirates NBD and ICICI worked with EdgeVerve’s system, a product subsidiary of Infosys, to develop their network, and the new system allows both banks to have faster transaction times, which is especially useful when engaging in global finance.
The banks have already run international transactions through the new system, conducting an actual import of shredded steel melting scrap by a Mumbai-based export-import firm from a Dubai-based supplier through the blockchain network. What used to take days of delivery, authentication, and verification processes was done in a matter of minutes through the network, and all were satisfied with the security level of the deal.
The success of this trial transaction could lead even more institutions to adopt blockchain systems, and perhaps one day soon that annoying “Processing” status in your banking ledger will be a thing of the past.