A blockchain based trade fiancé network in collaboration with seven Private sector Banks has been formed by Infosys.
Infosys sister concern Finacle software whose main function is to empower the banking system, is in talks with domestic and foreign banks for the network.
The entire transaction will be secured via a blockchain technology. Since it will be networked the entire banking system can be monitored and will also save lot of money.
Infosys is investing $2 billion to set up its trade finance network in a banking sector. To avoid PNB like fraud. The transaction made by the banks will be very transparent.
Just days earlier, HSBC Holdings said it had performed the world's first trade finance transaction using a shared blockchain platform, in a push to boost efficiency in the multi-trillion-dollar trade finance segment.