India: Bajaj Electricals is now using blockchain to pay suppliers

India: Bajaj Electricals is now using blockchain to pay suppliers

A file photo of a worker at a packing facility at Starlite Lighting, a Bajaj Electricals partner, in Nasik. Photo: Kuni Takahashi/Bloomberg

Getting paid for the material they supplied to Bajaj Electricals Ltd was a cumbersome process for vendors. It involved several steps that included confirmation of delivery by Bajaj Electricals, raising of a physical bill of exchange by the supplier and submission of invoice and transport documents to Yes Bank Ltd, for payment.

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