Axis Bank issues financial contract on state-backed blockchain platform

Axis Bank issues financial contract on state-backed blockchain platform


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’s Ministry of Commerce and Industry to serve as a digital document exchange platform that uses blockchain-based security protocols for data security and authentication.

According to the official announcement, Axis issued a letter of credit, a financial contract that guarantees payment upon conditions, between ArcelorMittal Nippon Steel India and Lalit Pipes & Pipes Ltd. With SLDE, the Indian ministry aims to improve transparency in terms of audits, capital requirements and logistics. Axis Bank president of wholesale banking products Vivek Gupta added:

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“This transaction reinforces Axis’ commitment to lead the digitization in

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