Ultimate magazine theme for WordPress.

Indian Startup Primechain Technologies launches Blockchain solution to prevent PNB type frauds


To prevent frauds such as the recent multi-billion dollar Letters of Undertaking (LoU) scam, startup Primechain Technologies has launched Primechain-GUARANTEE, a blockchain for recording LoU, Bank Guarantees, Letters of Credit and other Documentary Credits.

The LoU scam took place because fraudulent bank employees issued LoU without following the processes, without securing adequate collateral and without recording the transactions in the bank’s core banking systems. An LoU is a guarantee, by the issuing bank, to the receiving bank and the companies that it would undertake to pay a certain amount of money on a specific date.

This is a blockchain repository of Bank guarantee, Letter of credit, Commercial Invoice, Transport Document covering at least two different modes of transport, Bill of lading, Non-Negotiable Sea Way Bill, Charter Party Bill of Lading, Air Transport Document, Road Transport Document, Rail Transport Document, Inland Waterway Transport Document, Courier Receipt, Post Receipt or Certificate of Posting, Clean Transport Document and Insurance Document and Coverage.

Rohas-Nagpal-2Says Rohas Nagpal, Founder, Primechain Technologies, “Each entry on the blockchain is digitally signed by the member bank. Regulator nodes enable real-time supervision by the authorities. The system is API driven and can easily be integrated with the banks’ core banking and other legacy systems.”

The bank guarantee, and other related documents are stored in the blockchain in an encrypted form and can only be viewed by banks that have been “whitelisted” by the issuer bank. This ensures data privacy and confidentiality while at the same time preventing frauds

If you have an interesting article / experience / case study to share, please get in touch with us at editors@expresscomputeronline.com


Get real time updates directly on you device, subscribe now.

Subscribe to our newsletter
Sign up here to get the latest news, updates delivered directly to your inbox.
You can unsubscribe at any time

Join Our Newsletter Today!

Stay updated with all latest updates from the world of Business Technology, get exclusive invites to our upcoming events & much more.
Subscribe Now!

  IT Salary Trends India

    Download this free report e-Book and learn:
1. IT salary structures in India
2. Transformation in IT Industry
3. Skills in Demand
4. CIO/CTO Salaries