Kotak Mahindra bank puts trade finance on blockchain
Kotak using Deloitte Tech tests with JP Morgan
Reported in Indian daily Economic Times, Kotak serviced using Deloitte Blockchain technology allowing them to complete the trade finance test with partner JP Morgan in Singapore. Usually trade finance transactions are carried out the letters of credit, with Blockchain according to Kotak this has been reduced to a few hours. The report also hinted that Kotak Mahindra might be creating a banking consortium dedicated to the development of Blockchain solutions in areas such as Know Your Customer, cross border payments, supply chain finance, syndicated loans and regulatory auditing.
