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Infoteria and Tech Bureau successfully experiment blockchain for micro-finance industry

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."

The trial experiment by both the companies took place between May 28 and June 5 of 2016, themerkle.com reported. The experiment was assessed by three engineers, two from Infoteria and one from BC finance.

“Microfinance social significance is high in developing countries, and the possibility is that you can contribute blockchain in the social infrastructure from the grassroots of the developing countries. We believe that it is a big step,” Yoichiro Hiran, President of Infoteria said.

In addition, the companies are also focused on the spread and penetration of the blockchain technology in foreign countries.The results thus obtained will be an advantage in taking the expansion towards other developing countries.

Japan-based Infoteria founded in 1998 as an innovative software product company, went public in 2007. Its main product, ASTERIA, is used to link data from various computer systems, without the need for writing any code or performing costly software development.

Tech Bureau in May announced that it has raised $6.2 million through a third party allocation as part of the Series A round.

Tech Bureau is a cryptocurrency technology company, focusing on software development as part of its Crypto-Fintech Lab. Bitcoin and cryptocurrency exchange, Zaif, along with Mijin, are part of a comprehensive ecosystem of products.

By Sujha Sundararanjan
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