The Indian financial giant Axis Bank has secured a financial contract between two local companies that use a state-supported blockchain platform called Secured Logistics Document Exchange (SLDE).
SLDE was developed and released on 28 July 2021 by the Ministry of Trade and Industry of India as a digital document exchange platform using blockchain-based security protocols for data protection and authentication.
According to the official announcement, Axis has issued a Letter of Credit, a financial contract that guarantees payment on specific terms, between ArcelorMittal Nippon Steel India and Lalit Pipes & Pipes Ltd. With the help of SLDE, the Ministry of India aims to increase the transparency of audits, capital requirements and logistics. … Vivek Gupta, Head of Wholesale Banking Products at Axis Bank, added:
“This agreement reinforces Axis’ commitment to lead the digitalisation of transactional banking services.”
The government-supported blockchain platform also includes a greenhouse gas emissions calculator (GHG) which “compares emissions of raw materials’ greenhouse gases and the total costs of transport, including environmental costs, between road and rail”.
Official poster with Ethereum logo. Source: Axis Bank
The image above, originally posted by Axis Bank for the occasion, shows the Ethereum (ETH) logo, which confirms the bank’s commitment to blockchain adoption.
Related topics: Indian government approves Web 2.0 and Web 3.0 Blockchain Startups
Despite the lack of discussion and regulation regarding cryptocurrencies, central and governmental authorities in India have taken active steps to introduce blockchain technology in various sectors of business and development.
Late last year, the state government of Telangana launched an initiative for early Web 2.0 and Web3 startups and blockchain developers to help find solutions to real-world problems. In an interview with Cointelegraph, Rama Devi Lanka, Director of New Technology for the Telangana Government, highlighted the Government’s intention to accelerate blockchain adoption across a range of applications:
Some of the interesting uses that the country has already experimented with in blockchain include: T-Chits (only money on the blockchain), the supply chain (seed tracking), e-voting (digital voting platform built on blockchain and AI) and more. . “