Blockchain technology is making the rounds in many different sectors all over the world. The world’s first experiment of private blockchain technology has been recorded, thanks to Tech Bureau and Infoteria. Recording account data on this blockchain for microfinance purposes has been successful, which is a positive sign for both companies.
The Private Blockchain In Microfinance
When it comes to merging finance with Bitcoin technology, there is a growing need for private blockchain solutions. Tech Bureau acknowledges this need, and their Mijin blockchain solution has been received well by banks and other financial institutions. Infoteria has taken notice of this technological advancement and decided to conduct a trial in the microfinance sector.
As it turns out, both companies successfully transfer loan and deposit account data from BC Finance to the Mijin private blockchain. It is worth nothing the blockchain was hosted on Microsoft Azure for this test. By using ASTERIA WARP and mijin adapters, the field trial was deemed a complete success. This goes to show the private blockchain by Tech Bureau is capable of being used for data recording and microfinance.
BC Finance CEO Jeremy Kloiser-Jones told the media:
“We are very excited about this first project with Infoteria, testing ASTERIA private Blockchain in our core banking system. However this is just the start. While we expect it to bring significant savings, leveraging the technology to the next level—replacing analog processes and freeing up employee and customer time, will likely produce more significant savings. On these topics, please expect more announcements from BCF and Infoteria.’
The trial by Tech Bureau and Infoteria was conducted between May 28 and June 5 of 2016. Four different mijin nodes were set up on Microsoft Azure, which were deployed in quick succession. Three engineers oversaw the whole experiment, as two Infoteria and one BC Finance representative were present for this trial.
Among the data copied onto the Mijin blockchain was the transaction history of active accounts at one BC Finance branch. Every customer record was assigned one loan account and two savings accounts. While this trial was successful, both companies will carry out a new experiment for concurrent and consecutive operations in July of 2016.
Source: Press Release Via Email
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