Dubai’s Emirates NBD joins India’s ICICI Bank on blockchain project

The logo for Emirates NBD bank is seen on a deflating hot air balloon over the Emirates Golf Course in Dubai in this December 11, 2009 file photo. REUTERS/Steve Crisp/Files

Dubai’s largest bank, Emirates NBD ENBD.DU, is working with India’s ICICI on a pilot project to use blockchain technology for global remittances and trade finance, in what they say is a first for banks from the Middle East and India.

The project showed banks can significantly cut transaction cots and time, while demonstrating a near real-time transfer of invoices and purchase orders for trade finance purchases, Emirates NBD said.

Blockchain, which originates from digital currency bitcoin, works as an electronic transaction-processing and record-keeping system that allows all parties to track information through a secure network, with no need for third-party verification.

 

 

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