In India, Bajaj Electricals is using a Blockchain-based system to pay suppliers, developed in a partnership between Yes Bank, IBM and a fintech start-up, Cateina Technologies. It is one of the first examples of a private company using Blockchain in India, which could be a game changer. The system has cut payment processing time for suppliers down from up to five days to almost real-time.
With the current government's mission to digitise business transactions in India, where more than 85% of them happen through cash, blockchain offers a scalable solution to big business. Not just Bajaj but Mahindra, another big corporate in India, is now developing an India-specific blockchain mechanism to manage transactions across their manufacturing supply chain.