Technology has become all-pervasive now, changing the way people trade and carry out businesses. In India, 15 banks have come together to form the Indian Banks' Blockchain Infrastructure Company (IBBIC) to ease trade finance. The company will leverage blockchain to process inland letters of credit. The IBBIC platform, the first of its kind in India, is powered by tech major Infosys and will have equal shareholding from 10 private sector lenders, four public sector banks, and one foreign bank. |
