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.