RBI taps top banks including HDFC, ICICI, SBI for blockchain-based trade financing project
The pilot project, called ‘proof of concept’ in industry parlance, will harness blockchain technology where ‘blocks’ of transaction data are stored in ‘chains’ with peer-to-peer access to enhance traceability of money flow. If successful, it could help prevent loan frauds by the likes of Nirav Modi and Mehul Choksi.
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