Wednesday, May 29, 2024

Axis Bank issues financial contracts on a blockchain network backed by the government

A digital platform was recently launched by the Government of India’s Ministry of commerce for the secure transfer of documents. This platform dubbed the SLDE platform uses blockchain security protocols. This SLDE platform was launched in Jul 2021.

The platform is intended to be a digital means for the exchange of documents digitally. Security protocols for blockchain will be employed on the platform for the security of data and for the purposes of authentication. The SLDE platform, it is hoped will greatly enhance transparency of audits.

Recently Axis bank used the newly developed SLDE platform for transferring contract documents drawn up between two local business entities. The bank revealed that the document transferred was a letter of credit. The LOC was drawn between Lalit Pipes and Arcelor Mittal India.

The bank hopes that this will prove to be the first step in the bank’s drive towards the complete digitization of routine banking transactions.

The SLDE platform will also improve logistics. The platform will also help compare GHG emissions for road and rail transportation. This comparison can be done for individual commodities.

This move by the government of India to launch the platform and the ready acceptance by banks is a welcome sign. It is a display of the ecosystem’s willingness to use blockchain technology.

The government in the state of Telangana has been a pioneer in this move. It is incentivizing start-ups in Web 2.0 and Web 3.0 to develop solutions for actual problems. The state government’s official responsible for emerging technologies revealed that the state planned to accelerate blockchain adoption. The adoption will be encouraged in several applications in logistics, financial services and voting.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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