Surprisingly, since quite a while, the IT domain companies around the world have been drifting away from traditional IT services and experimenting with emerging technologies like Blockchain, deep learning, Artificial Intelligence, and more. TCS, IBM, Tech Mahindra, and even Microsoft are the ones already in the game.
“The network is being used by the banks to run a successful pilot of Finacle Trade Connect, a blockchain technology based solution developed specifically to address the trade finance process requirements of banks.”
This news comes a few months after the Rs 1,400 crore (approximate) Nirav Modi-Mehul Choksi scam, where three jewellery firms defrauded India’s second biggest state-run lender Punjab National Bank scam. This scam has been often dissed at due to lack of transparency and accountability.
The statement added,
In an interview with the “Because of the network effect, where a buyer, the buyer’s bank, the seller and the seller’s bank are all on the platform, it creates a single source of truth.
“With that kind of a capability, the technology can avoid all the fraud that could have taken place in a situation like Punjab National Bank,”
applications of blockchain deployed around the world are countless, as every day sees new partnerships which are noble, efficient while also being cost effective.
