Infoteria Corporation and Tech Bureau Corporation have successfully settled loan and deposit account data in the system of Myanmar’s largest microfinance institution known as BC Finance, by utilizing a Microsoft Azure-based private blockchain called mijin.
The team behind Infoteria announced that the transfer of loan and deposit data into the system of BC Finance marked the world’s first successful attempt in using a private blockchain in microfinance.
Microsoft Azure is a cloud platform which offers a unique built-in product called Ethereum Blockchain as a Service that enables enterprise clients such as Infoteria and Tech Bureau to develop blockchain-based applications and platforms with necessary technology infrastructure.
Through the Azure network, the developers of mijin blockchain used its adapters and Asteria WARP to complete the process of transferring microfinance data.
“We hereby announce that this verifies that ASTERIA WARP and the private blockchain mijin are applicable in the operational process of microfinance and the private blockchain technology is applicable to account data recording,” announced Infoteria. “This is the world’s first (*6) demonstration experiment that used a private blockchain in microfinance,” the company added.
The companies involved in the demonstration of the data settlement on the mijin private blockchain network will continue to collaborate with BC Finance to broaden the possibility and potential of blockchain-based microfinance settlements and transfers for the unbanked population in Myanmar.
Infoteria states that only 4% of the country’s population are granted bank services and financial products. BC Finance and the developers of mijin blockchain network plans to carry out more experiments over a period of six weeks to develop an application which allows data writing and viewing from clients.
While private blockchain networks have some disadvantages such as security issues, blockchain networks like mijin can potentially optimize and maximize existing services and products handled and developed by well established financial institutions.
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