Largest consortia of India implement blockchain technologies for B2B payments

Largest consortia of India implement blockchain technologies for B2B payments
Jan 15, 2019 by Rico Wise

Even if it is not the phenomenon of digital currency itself, it is the underlying technology that attracts the minds of Indian businessmen, bankers and financiers. Blockchain technologies brought the world a better means of accounts reconciliation, payment handling, record keeping, and internal funds management. Per local media reports, numerous Indian conglomerates are presently conducting trials for blockchain tech as means of keeping the records.

While usually expressing a strictly negative position regarding the cryptotrading activities, and the Reserve Bank of India’s latest news about the cancellation of the Digital Rupee launch, digital assets may still have a future in the country. Due to the findings that revealed insufficiency of proper record keeping, which was contributed to the IL&FS takeover, more businesses are evidently expressing their desire to seek alternatives that will make sure proper documentation of all the financial records and contracts.

Utilizing blockchain innovations for record-keeping indeed diminishes the chance of any discrepancies to zero, with its security standards coming in handy for large-scale consortia with sophisticated data flow structure. Despite being in a testing phase yet, the insiders claim that the results that have already been yielded are quite promising. In the event that final results turn out to be impressive, too, the corporations that were involved intend to scale up the entire process for wider coverage.

Among some of the high-profile members engaged in the said endeavor are ABG Shipyard, Reliance Industries, Hindustan Unilever, and HDFC Bank. Currently, a few pilot trials are ongoing, utilizing the distributed ledger technology merely for record-keeping, expecting to balance the books either at the end of the financial quarter or at the end of the year. Even though there has been no timeline for trials provided, big and promising results are expected, and the events are yet to unfold.