India’s 5th largest private sector bank, YES BANK, has announced that it has implemented a multi-nodal Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term transaction to fully digitize vendor financing for a large Indian consumer appliances manufacturer, Bajaj Electricals. The implementation has been done on a blockchain-based smart contract written by the fintech startup, Cateina Technologies.
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Speaking about the implementation, Mr. Rana Kapoor, MD & CEO of YES BANK, said: ”Since inception, YES BANK has used technology and innovation, as mission critical pillars, to offer a superior banking experience to its corporate and retail customers. Our Blockchain implementation is a continuation of this philosophy to offer revolutionary banking technology to our clients. We are glad that Bajaj Electricals is undertaking this technological leap and working with us to solve the current challenges in Vendor Financing solutions by effectively utilising blockchain capabilities.
I strongly believe that we are only at the tip of the iceberg,and envision that Blockchain coupled with IBM’s Cognitive solution on Cloud platform will make a significant impact in the global Transaction Banking space by ensuring that the Financial Supply Chain is more robust, secure, seamlessly connected and provides a great customer experience.”
AI
YES BANK will Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term IBM Watson Conversation, a cloud-based cognitive artificial inteligence service, to enhance the digital experience of partners, corporate clients and developers collaborating with them on the integrated Blockchain – API Banking platform. This integration is said to offer automated processing of transactions with almost zero manual intervention.
Vanitha Narayanan, Managing Director, IBM India Pvt. Ltd.said, “IBM is pleased to work with YES BANK as a valued client in the banking industry. With decades of industry leadership, we believe that cognitive systems that understand, reason and learn, in combination with blockchain networks and delivered on Cloud can transform operations, compliance and engagement, delivering truly individualised and secure client experiences. YES Bank has been an early adopter of technology to transform employee and client experiences and we look forward to a continued partnership with them.’’
Shekhar Bajaj, CMD, Bajaj Electricals, said: ”The BlockChain solution by YES BANK is a significant step towards digitally integrated solution for supply chain financing. This solution enables us to do timely processing of the vendor payment through vendor financing from the bank without physical documents and manual intervention. It also enables us and our vendor to track the status of the transactions on real time basis.”
