The SLDE platform was created by India’s Ministry of Commerce and Industry to transfer documents utilising blockchain-based security standards.
Axis Bank, an Indian financial services behemoth, issued a financial contract between two domestic businesses by utilising Secured Logistics Document Exchange, a government-backed blockchain network (SLDE).
The Indian Ministry of Commerce and Industry created and released SLDE on July 28, 2021, to act as a digital document exchange platform that leverages blockchain-based security protocols for data security and authentication.
According to the official notification, Axis granted a letter of credit between ArcelorMittal Nippon Steel India and Lalit Pipes & Pipes Ltd., which guarantees payment subject to certain restrictions. The Indian government hopes to improve openness in audits, capital requirements, and logistics by using SLDE. Vivek Gupta, Axis Bank’s president of wholesale banking products, added:
“This transaction reinforces Axis’ commitment to lead the digitization in Transaction banking space.”
The blockchain platform, which is supported by the government, also features a greenhouse gas (GHG) emission calculator that “allows for commodity-wise comparison of GHG emissions and total cost of transportation, including their environmental cost, between movement by road and rail.”
The above graphic, which was initially released by Axis Bank for the occasion, depicts the Ethereum (ETH) logo, reinforcing the bank’s commitment to blockchain acceptance.
Despite the lack of cryptocurrency talks and rules, India’s central and state governments have taken proactive steps to embrace blockchain technology across a variety of commercial and development sectors.
Telangana’s state government announced an initiative for early-stage Web 2.0 and Web3 firms, as well as blockchain developers, towards the end of last year to assist in the development of solutions to real-world challenges. Rama Devi Lanka, the Telangana government’s director of emerging technology, emphasised the government’s intention to accelerate blockchain installations across a range of use cases:
“Some of the interesting use cases that the state has already piloted in Blockchain include — T-Chits (chit funds in blockchain), supply chain (seed traceability), e-voting (digital voting platform built using blockchain and AI) and more.”
