ICICI Bank executes India's first blockchain transaction with Emirates NBD

ICICI Bank on Wednesday announced that it has successfully executed transactions in international trade finance and remittances using blockchain technology in partnership with Emirates NBD.
●    ICICI Bank is the first bank in the country and among the first few globally to exchange and authenticate remittance transaction messages as well as original international trade documents related to purchase order, invoice, shipping and insurance, among others, electronically on blockchain in real time.
●    The usage of blockchain technology simplifies the process and makes it almost instant—to only a few minutes. 
●    This is in contrast to the current process which involves a complex and lengthy paper trail that requires international shipping and courier.
●    ICICI Bank executed these pilot transactions via its blockchain network with Emirates NBD on a custom-made blockchain application, co-created with EdgeVerve Systems, a wholly-owned subsidiary of Infosys.