> Testimonials > Kotak Mahindra Bank: Re-imagining trade with blockchain
“ Talks about the India trade network and how it is solving operational and regulatory challenges. The blockchain-based trade network covers 86% of India's trade, placing the country on the right path to harness the potential of blockchain. ”
- Shekhar Bhandari
Senior Executive Vice President and Business Head, Global Transaction Banking, Kotak Mahindra Bank
Kotak Mahindra Bank is one of the pioneering set of banks in India Trade Connect for adopting blockchain in banking. The consortium was among the first to have a cross border letter of credit issued and accepted leveraging the technology.
Trade in general has been a painful process in India where it takes, on an average, 120 documents to be processed by various parties and it has been a tedious and time consuming process. The establishment of the Blockchain Infrastructure Company (BIC), where several banks have come together to form a consortium that shares data that is interoperable, trustworthy and secure, will change the way India does trade. I complement Infosys for thinking about the customer challenges in trade and then coming up with Trade Connect. I don’t think you can expect a better product than Trade Connect“
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