Axis bank mediated a financial contract between ArcelorMittal Nippon Steel India and Lalit Pipes & Pipes Ltd. using SLDE.
To tell you more about the technology used, then SLDE stands for Secured Logistics Document Exchange. Ministry of Commerce and Industry developed the platform and uses blockchain for security purposes as the core for the platform. The platform provided a digital exchange of documents and contracts, classified as smart contracts.
Axis is looking forward to digitising banking and making it more transparent for everyone included, which is why they’ve chosen such a platform for facilitating the deal.
We saw a rise crypto scams recently along with other negative things. Which is why this is a kind of good news. While as a country, we’ve been unable to flow with the time and accept the changing tech of cryptocurrency, we did start to move slowly towards it.
How Will Axis Bank Adoption Affect The Country?
If banking organisations such as Axis start to adopt such platforms for transactions, the times may change.
Not only them, but state governments are also taking an active part in developing the new-age tech. The Telangana Government facilitated early-stage Web 2.0 and Web3 startups and blockchain developers by taking many initiatives. One was an incubator where they were encouraged to find problem to real-world solutions sings the Crypto technology.
“Some of the interesting use cases that the state has already piloted in Blockchain include — T-Chits, supply chain, e-voting and more.” quoted Rama Devi Lanka, director of emerging technology for the Telangana government.
Well! All this is a clear indication that we’re at least heading in the right direction, and we’d soon be there. Recently, we’ve come across the case where an association of crypto exchange platforms raised a voice against confusion on GST laws for crypto business. They did send a letter to Nirmala Sitharaman, the finance minister of India.