Indian Financial services company Axis Bank issued a financial contract between two businesses in India with the help of a government-backed blockchain platform known as Secured Logistics Document Exchange (SLDE).
SLDE was created and was released on July. 28th, 2021 through the Indian Ministry of Commerce and Industry to be used as an electronic document exchange platform that utilizes blockchain-based security protocols to provide security of data and authentication.
In the announcement made by the company, Axis issued the letter of credit an agreement that provides payments subject to conditions and is in between ArcelorMittal Nippon Steel India and Lalit Pipes & Pipes Ltd. Through SLDE it is the Indian ministry hopes to enhance the transparency of auditors’ reports, capital requirement, as well as logistics.
Despite the lack of discussion and guidelines on cryptocurrencies the state and central governments of India have taken proactive steps to introduce blockchain technology in diverse development and business sectors.
Indian government does not have a good relationship with the crypto market. Back in 2020, top Indian Bank, RBI has asked all financial institutions to stop dealing with any entity involved in crypto.
In the last quarter of the year, the government of the state of Telangana introduced an initiative to beginning-stage Web 2.0 and Web3 startups and blockchain developers to assist develop solutions for real-world problems.
Such initiative could open up the opportunity for other institution to leverage this technology for their benefits.
Bob is a Digital Entrepreneur and keen follower of the Crypto and Blockchain world. He enjoys exploring the latest technology and news related to Fintech world. He is a go-to person with a positive attitude towards life.