How Indian banks are turning to blockchain tech to speed up trade deals

Some 14 Indian banks have signed up for blockchain platform; aims to cut processing time, improve transaction security

Banks responsible for about half of India’s internal trade have joined a consortium that aims to introduce blockchain technology in order to speed up processes and reduce hurdles to approving new loans.

Fourteen local banks have signed up for the India Trade Connect consortium, which hired the Bengaluru-based software firm Infosys Ltd. to develop a blockchain platform for loans that back trade transactions within India, according to Abhijit Singh, head of technology at ICICI Bank Ltd., one of the consortium’s founders.

“From the banks’ point of view, business will increase and transactions will happen in scale” once blockchain is adopted, Singh said,