Page 16 - June 2018 Disruption Report Flip Book

BLOCKCHAIN ADOPTION
JANJUNAERY20210818
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Complex processes simplified into a single process, all accessing a shadow ledger
Increased access to capital, because it’s not caught up in long settlement times or errors and disputes
Increased trust and accountability among enterprises, regulators, and consumers
Similarly, the blockchain can be used to digitize the real estate lending and guarantee process. (Blockchain for Dummies, Manav Gupta, 2017;
Trade finance pilot: Infosys Finacle and India Trade Connect
Infosys Finacle, a subsidiary of Infosys, announced a partnership with India Trade Connect (ITC), a blockchain-based trade network in partnership with seven Indian private banks—Axis Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank, South Indian Bank and Yes Bank. ITC is currently being used by the banks for a trade pilot project to increase automation and transparency, and help manage risks in trade and supply chain financing.
Specifically, ITC is designed to digitize trade finance business processes, including validation of ownership, certification of documents and making payments, while working on a distributed, trusted and shared network. The network enables reduction of cost through digitization of information exchange. Additionally, per transaction cost associated with intermediary messaging systems is eliminated.
“The digitization of Trade Finance processes using distributed ledger technology offers immense potential to eliminate the friction, cut costs and increase revenue through new business products that are now viable using the modern technologies,” said Sanat Rao, Chief Business Officer, Infosys Finacle. We are committed to helping our clients realize the path breaking benefits of blockchain technology and we look forward to many more collaborations to strengthen this consortium and building other networks across the world.” (Press Release, Infosys Finacle, 05/16/18)
Real estate pilot: ANZ, Westpac and Scentre Group
In a blockchain trial, ANZ (Australia and New Zealand Banking Group), Australian’s Westpac Banking Corporation and shopping center operator Scentre Group successfully digitized the bank guarantee process for
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