Friday
June 24
2016

Infoteria and Tech Bureau complete microfinance sector’s first blockchain experiment

Blockchain-based company Tech Bureau and software-based firm Infoteria has recorded the experiment of private blockchain technology for microfinance purposes.

According to the press release, this attempt marks the first blockchain experiment in the micro-finance sector. Both companies successfully transferred loan and deposit account data from BC Finance, Myanmar’s largest microfinance institution, to the Mijin private blockchain. The blockchain was hosted on Microsoft Azure for this test. By using ASTERIA WARP and Mijin adapters, the field trial was declared a complete success.

“Microsoft Japan Co., Ltd. welcomes the success of the demonstration experiments using private-block chain in microfinance,” Akira Sakakibara, Microsoft Japan CTO said (according to loosely translated version of the press release). “This(experiment) is to spread the width of the additional scope of application of the blockchain technology. It means that you can deliver to more customers worth of Microsoft Azure as the foundation execution and operation of the block chain at the same time.”

Source: Econo TImes (link opens in a new window)

Categories
Technology
Tags
blockchain, financial innovation, microfinance