DUBAI Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has become the first Islamic bank to successfully execute trade finance distribution transactions using Blockchain technology, it said. The cross-border transactions, which were completed with multiple based banks, were made possible through ADIB’s partnership with TradeAssets, a trade finance emarketplace powered by Blockchain technology to help digitize the traditional processes of origination and distribution of trade assets. For the past year, ADIB’s collaboration with TradeAssets has enabled it to automate trade finance transactions and conclude transactions successfully with banking counterparts in emerging markets. —TradeArabia/ Reuters
