India’s first blockchain implementation goes live
Three trade receivable discounting systems (TReDS)—digital invoice discounting platforms—approved so far by the RBI have jointly implemented a blockchain solution, which is expected to help reduce frauds in bills discounting or receivable financing.
The platforms—RXIL, A.TReDS and M1xchange—had been set up to bring together buyers, sellers and financiers for discounting the MSME invoices and provide them with timely funding.
This is billed as India’s first live blockchain implementation in the enterprise financial segment.
US-based MonetaGo has designed and implemented the production solution.
Kalyan Basu, Managing Director & CEO, A.TReDs said: Our clients are particularly sensitive about their sourcing inputs, and we could not broadcast any of their private information to a shared network. This technology allows us to work with the other exchanges to achieve shared goals without sharing specific data”.