Banking trials show growing interest in blockchain in India

Rage Review : Axis is the third largest private bank in India. Recently, the bank has started research on blockchain with another bank. The largest private bank in India, Industrial Credit Bank of India (ICICI), is also conducting similar research with Dubai National Bank. All signs show that India's attention to blockchain technology is gradually increasing. In what field will the first application of blockchain technology be realized and what kind of benefits will it bring in the short term? All these require further experiments and examples of the technology.

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Two Indian banks have reportedly collaborated on a series of blockchain trials to test the technology’s potential services.

According to Indian news portal LiveMint, Axis Bank and Kotak Mahindra Bank are working on early-stage concepts related to cross-border payments and transaction settlement.

The report goes on to mention that ICICI Bank (Indian banking institution) is currently conducting similar research with Dubai National Bank. These two major collaborations show that the Indian banking sector is increasingly interested in the application of this technology in fund transfer and settlement. In fact, this is also a series of experiments promoted by the Indian central bank in recent months.

According to LiveMint, representatives from Axis and Kotak Mahindra Bank were cautious but relatively optimistic when discussing their tests.

Deepak Sharma

Deepak Sharma, Chief Digital Officer, Kotak Mahindra, said:

“In theory, we believe blockchain is the future. But we have to create real use cases. Right now, we are focusing on whether the technology can scale in the short term.”

Although not mentioned yet, both banks are said to be collaborating internationally as “technology providers.”

He also mentioned that the bank would consider starting to issue related products, but he did not disclose the specific time.

"We will provide a solution to our customers soon, but we don't want to make any promises about the timing."