Axis Bank issues financial contract on state-backed blockchain platform

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Axis Bank issues financial contract on state-backed blockchain platform
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A private bank in India has issued financial contracts for domestic trades by using the Indian ministry's blockchain platform.

Indian financial services giant Axis Bank issued a financial contract between two domestic businesses by using a government-backed blockchain platform called Secured Logistics Document Exchange .on Jul. 28, 2021, by India’s Ministry of Commerce and Industry to serve as a digital document exchange platform that uses blockchain-based security protocols for data security and authentication.

“This transaction reinforces Axis’ commitment to lead the digitization in Transaction banking space.” The state-backed blockchain platform also includes a greenhouse gas emission calculator that “allows for commodity-wise comparison of GHG emissions and total cost of transportation, including their environmental cost, between movement by road and rail.”

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