In an innovation of sorts Infosys has launched Block chain solutions for handling trade finance, which will be document tracking system.
It will be merging the solutions with the top private sector banks in the country which will be
It will one of a kind solution for tracking of the trade finance and it will help the banks to track the documents digitally. The solutions will be named as India Connect, where you will able to scrutinize the trade documents, which are associated with the various governance processes.
Details of the tie-up-
Infosys ties up with 7 top main private sector banks.
It will be a global tracking-based system for identifying the digital documents.
It will be a great tool to facilitate the domestic trade.
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What exactly is trade financing and how will block chain help?
Trade financing is a very document heavy process.
The process is also very tedious, and you need to be very meticulous in it.
Block-chain is the answer to streamline the process of trade financing and create it in a digitized manner.
Currently it is at the domestic level, later the platform can be expanded to the international level also.
There will be a buyer and a seller platform.
Talks are also on to expand to the international level and so the management is in talks with the top banks in Singapore and tie-up with a domestic trade network in Australia.
The same work on the India trading platform had started last year itself, which came into effect this year. However, the pricing models here will be having to be very flexible and where the banks will get the initial fee for the testing and it will be a version of the subscription revenue.