Commercial Bank in Qatar has completed a successful pilot for the transfer of international money using a cloud base Blockchain by software company Infosys. The bank is now seeking regulatory approval for its Blockchain based remittance. The solution was developed by Infosys Finacle part of EdgeVerve Systems via a cloud based Blockchain network.

According to CEO Joseph Abraham, of Commercial Bank stated, “ We are delighted with the success of the this pilot and want to expand our cluster further for trade finance and cash transactions with more banks in South Asia, Egypt, Philippines, UAE and other countries with higher transaction volumes.”

In the next phases of the project the solution will deal with purchase orders, international documents will be exchanged and authenticated digitally in real-time and will also power smart contracts for trade finance processes.