Financial services giant Axis Bank in India has established a financial relationship between two local businesses by utilizing the Secured Logistics Document Exchange (SLDE), a government-backed blockchain service.
The Ministry of Commerce and Industry of India created and launched SLDE on July 28, 2021, as a digital document exchange site that incorporates blockchain-based safety protocols for data security and authentication.
According to the official notification, Axis granted a financial contract in the form of a letter of credit between ArcelorMittal Nippon Steel India and Lalit Pipes & Pipes Ltd, which guarantees payment under certain conditions. The Indian government hopes to improve transparency levels in audits, capital requirements, and logistics by using SLDE.
Axis Bank representative believes that SLDE will bring transparency
The Indian government hopes to improve transparency levels in audits, capital requirements, and logistics by using SLDE,” said Vivek Gupta, president of wholesale banking products at Axis Bank.
The blockchain platform, which is funded by the government, also contains a greenhouse gas (GHG) emission calculator that “allows for commodity-wise comparison of GHG emissions and total cost of transportation, including their environmental impact, between movement by road and rail.”
The above logo, published by Axis Bank for the event, features the Ethereum (ETH) logo, showcasing the bank’s dedication to blockchain acceptance.
Despite the lack of public debate and legislation surrounding cryptocurrencies, India’s central and state governments have made proactive steps to incorporate blockchain technology across a variety of commercial and development sectors.
Telangana’s state government announced an initiative for early-stage Web 2.0 and Web3 firms, as well as blockchain engineers, to help design answers to real-world problems at the end of last year.
“Some of the exciting use cases that the state has already flown in Blockchain include — T-Chits, supply chain, e-voting (digital voting platform built using blockchain and AI), and more,” Rama Devi Lanka, director of emerging technology for the Telangana government, said.
However, Lanka also issued a public warning against crypto-related risks and frauds the same day.