Indian steelmaker Tata Steel has announced that it has executed its second major blockchain trade and first multi bank transaction out of India.
The company has executed a blockchain-enabled export order with a major company in Bangladesh. This is the first such deal between an Indian company and a counterparty in Bangladesh assisted by different banks at respective ends.
The transaction was facilitated by India-based Standard Chartered Bank and was conducted on Contour’s blockchain trade platform, which enables trade partners to transact with each other, digitizing the trade finance process.