The solution went live with seven banks and in one month the number has doubled to fourteen.
Formerly termed as Finacle Trade Connect and now as India Trade Connect, is a blockchain powered solution platform designed to help banks with loans for trade transaction within the country.
India is not the only nation to adopt blockchain technology in banking. Banking and financial institution across the world have been adapting to blockchain-powered solution services to save time and go digital. This piece of technology also adds a layer of security and enables transparency in the banking system.
Blockchain can be classified into three broad categories namely-Public, Permissioned, and Private. While a public Blockchain permits anyone to read or write on the platform, on adherence to the proof of work mandate, a permissioned Blockchain offers selective precision only to selected nodes.A private Blockchain is only available to chosen players.