Private sector lender Axis Bank on Monday said it has executed the first domestic trade transaction on an Indian government-backed blockchain platform for Arcelor Mittal Nippon Steel India and Lalit Pipes & Pipes Ltd.

The transaction was executed on Secured Logistics Document Exchange (SLDE) and it involved providing a Letter of Credit and digital presentation of underlying trade documents. The platform allows all parties in transactions to simultaneously transact and see documents.

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Launched in July this year, the SLDE allows the digital exchange of logistics-related papers and a calculator for greenhouse gas emissions for choosing the sustainable and right mode of transport for freight movements.

The platform is a solution to replace the present manual process of generation, exchange and compliance of logistics documents with a digitised, secure and seamless document exchange system.

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"This will enable generation, storage, and interchange of logistics-related documents digitally using Aadhaar and blockchain-based security protocols for data security and authentication; it will also provide a complete audit trail of document transfer, faster execution of the transaction, lower cost of shipping, and overall carbon footprint, easy verification of the authenticity of documents, lowered risk of fraud," the commerce ministry said.

According to the ministry, the calculator is an efficient and user-friendly tool that provides for calculating and comparing GHG (Green House Gas) emissions across different modes. "It allows for commodity-wise comparison of GHG emissions and total cost of transportation, including their environmental cost, between movement by road and rail," it said.

(Edited by : Jomy Jos Pullokaran)

First Published:Jan 10, 2022 5:24 PM IST