First Blockchain Transaction Executed By ICICI Bank

Before proceeding any further, I would first like you to know that ICICI bank is now the first bank in our country to implement this type of transaction, and is among only a few, globally. The blockchain transaction is seen as the main technological innovation of Bit coin, as it stands as the proof of all the transactions on the network.

What is a blockchain transaction?

It is a public ledger of all Bit coin transactions that have ever been executed. It is constantly growing because of the constant addition of a new set of recordings of completed blocks. These are added to the block chain in a linear and chronological order. What happens is that each node gets a copy of the block chain, which is automatically downloaded, whenever the Bit coin network is joined. This block chain has a complete set of information about their addresses and balances, right from the beginning block to the most recent completed block.

How a blockchain transaction is executed?

This successful execution of block chain transactions in international trade finance is achieved, with the partnership of Emirates NBD. The question here is how is this sort of transaction implemented?

First of all, a node is formed, which is a computer, connected to the Bit coin network using a client that performs the task to validate and relay transactions. Whenever these blocks, gets completed, a new set of blocks is generated, which makes it countless in the block chain. It replicates the paper-intensive international trade finance process as an electronic decentralized ledger. Now, it gives all the participating entities, the ability to access a single source of information, which enables them to view the data in real time.

How is it helpful for users?

I guess this is the most important point throughout this article, for some of us. We, being a customer of ICICI bank, will definitely be benefited on several grounds. First and foremost, the usage of this technology will simplify the process, and instead of taking a day or two, it will be accomplished in just a few minutes. It replaces the complex and lengthy process of paper trail requiring international shipping and courier.

In today’s world, the most important thing we care, of is time, and by using this block chain transaction, we can reduce the processing time, from days to just a few minutes, then obviously this is going to be the technology, which everyone would try to implement in the near future, and we all would be extremely happy to welcome this.