Blockchain technology has been captivating audiences all over the world. For the longest time, it has been a matter of when the technology would be introduced in the financial sector. Myanmar may become one of the world’s first countries to implement DLTs. A new partnership between Infoteria Corporation and Tech Bureau Corporation resulted in testing the mijin blockchain for microfinance.
Transferring loan and deposit account data from a microfinance institution to a blockchain is not an easy task. Unfortunately, no open blockchain standard was used for this field trial. Instead, both parties opted for the mijin private blockchain, which was hosted on Microsoft Azure by using ASTERIA WARP.
Mijin Blockchain More Than Capable Of Handling The Job
It is positive to see this experiment being completed successfully. There have been some questions regarding the scalability of blockchain solutions in the financial sector. Mijin can handle close to 100,000 transactions per second, making it more suitable for transfers taking place in quick succession.
The BC Finance microfinance institution saw its entire transaction history of active accounts transferred to the Mijin blockchain. Albeit this only represented data from one of the 19 total branches, it is still a