Trade Chain Qorus Banking Innovation Awards 2021

Trade finance is plagued by slow, paper-heavy processes which is vulnerable to document fraud & duplicate invoice financing. Cumulatively, these inefficiencies result in hidden costs of up to 15% of the value of traded goods. TradeChain is a platform introduced by ICICI bank which uses Blockchain technology for digital processing of Inland Trade transactions. The vision is to create an inclusive blockchain eco-system for trade finance partnering corporates, competing banks and market intermediaries like insurance & logistics companies. It covers a wide scope of transactions like open account, letter of credit issuance & advising, bill presentation and acceptance.