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India's first Blockchain network is now live


India’s first blockchain network has gone live. After years of announcements and pilot projects, the country has finally implemented a solution for blockchain operations. 
The blockchain-based network is developed by three platforms that offer trade Trade Receivables Discounting Systems (TReDS) - Receivables Exchange of India, A.TReDS, and M1xchange. These platforms are using blockchain in enterprise financial segment. Receivable financing is considered as the most efficient trade finance mechanisms for small businesses.
Blockchain can help in this sector to provide a common platform that is not controlled by any financial institution. The security and confidentiality promise to reduce frauds around receivable financing. The blockchain network is built on Hyperledger Fabric that does not rely on cryptocurrency to operate.
Kalyan Basu, CEO of TReDS said, “Our clients are particularly sensitive about their sourcing inputs, and we absolutely could not broadcast any of their private information to a shared network. This technology, however, enables us to work together with the other exchanges to achieve shared goals without sharing specific data. I look forward to the day when other players in the financial services industry also appreciate the value-add in terms of preventing frauds related to Bill Discounting and become a part of this system.”
The company called MonetaGo has designed and developed the production version of blockchain network. The application of this blockchain technology avoids tokens or cryptocurrencies for both regulatory and cost forecasting reasons. The simple and low-cost tech innovation can help in mitigating risks that arise from multiple financing of sam bills across the platform. 
Sundeep Mohindru, the founder of M1xchange said, “We are constantly evaluating new methodologies and technologies which we believe will fit into our long-term product roadmap. There has been a lot of press about blockchain in the last few years however this was the first time we could apply it in a day to day operations and enhance the control over duplicity of transactions.”
Source: TechGIG
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