{"id":392403,"date":"2022-01-11T11:53:51","date_gmt":"2022-01-11T08:53:51","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/axis-bank-issues-financial-contract-on-state-backed-blockchain-platform\/"},"modified":"2022-01-11T11:53:51","modified_gmt":"2022-01-11T08:53:51","slug":"axis-bank-issues-financial-contract-on-state-backed-blockchain-platform","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/axis-bank-issues-financial-contract-on-state-backed-blockchain-platform\/","title":{"rendered":"# Axis Bank issues financial contract on state-backed blockchain platform"},"content":{"rendered":"<p>&#8220;<strong># Axis Bank issues financial contract on state-backed blockchain platform <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Indian financial services giant Axis Bank issued a financial contract between two domestic businesses by using a government-backed blockchain platform called Secured Logistics Document Exchange (SLDE).<\/p>\n<p>SLDE was developed and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/pib.gov.in\/PressReleasePage.aspx?PRID=1740023\">released<\/a> on Jul. 28, 2021, by India\u2019s Ministry of Commerce &amp; Industry to serve as a digital document exchange platform that uses blockchain-based security protocols for data security and authentication. <\/p>\n<p>According to the official announcement, Axis <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.axisbank.com\/about-us\/press-releases\/axis-bank-executes-first-domestic-trade-transaction-on-goi-backed-blockchain-platform\">issued<\/a> a letter of credit, a financial contract that guarantees payment upon conditions, between Arcelor Mittal Nippon Steel India and Lalit Pipes &amp; Pipes Ltd. With SLDE, the Indian ministry aims to improve transparency in terms of audits, capital requirements and logistics. Axis Bank\u2019s president of wholesale banking products, Vivek Gupta, added:<\/p>\n<blockquote><p>\u201cThis transaction reinforces Axis\u2019 commitment to lead the digitization in Transaction banking space.\u201d<\/p><\/blockquote>\n<p>The state-backed blockchain platform also includes a greenhouse gas (GHG) emission calculator that \u201callows for commodity-wise comparison of GHG emissions and total cost of transportation, including their environmental cost, between movement by road and rail.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/08dff638-f042-47a2-af49-08d348e0eaf3.jpg\"><figcaption style=\"text-align: center;\">Official poster with Ethereum logo. Source: Axis Bank.<\/figcaption><\/figure>\n<p>The above image, originally <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:6886544300805545984\/\">shared<\/a> by Axis Bank for the occasion, shows the logo of Ethereum (ETH) \u2014 strengthening the bank\u2019s commitment to blockchain acceptance.<\/p>\n<p><strong>Related: <\/strong><strong><em>Indian state government to accredit Web 2.0 and Web 3.0 blockchain startups<\/em><\/strong><\/p>\n<p>Despite the lack of discussions and regulations around cryptocurrencies, the central and state governments in India have taken proactive measures to implement blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> across various business and development sectors. <\/p>\n<p>At the end of last year, the state government of Telangana launched an initiative for early-stage Web 2.0 and Web 3.0 startups and blockchain developers to help build solutions to real-world problems. Speaking to Cointelegraph, the Government of Telangana\u2019s director of emerging technology, Rama Devi Lanka, highlighted the government\u2019s intent to expedite blockchain implementations across a variety of use cases:<\/p>\n<blockquote><p>\u201cSome of the interesting use cases that the state has already piloted in Blockchain include \u2014 T-Chits (chit funds in blockchain), supply chain (seed traceability), e-voting (digital voting platform built using blockchain and AI) and more.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/axis-bank-issues-financial-contract-on-state-backed-blockchain-platform\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Axis Bank issues financial contract on state-backed blockchain platform &#8221; Indian financial services giant Axis Bank issued a financial contract between two domestic businesses by using a government-backed blockchain platform called Secured Logistics Document Exchange (SLDE). SLDE was developed and released on Jul. 28, 2021, by India\u2019s Ministry of Commerce &amp; Industry to serve&#8230;<\/p>\n","protected":false},"author":1,"featured_media":392404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvYzYyN2YwYzktZDkwNC00NjdhLWIxYzQtNzc0M2EyYWFjMzMwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,90774,74880,74355,71939,17318],"class_list":["post-392403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-indian-government","tag-transactions","tag-adoption","tag-banks","tag-india"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/392403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=392403"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/392403\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/392404"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=392403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=392403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=392403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}