Interswitch Group has joined hands with Microsoft to the launch its innovative blockchain-based supply chain financing service that will be built and hosted on the company’s cloud platform.
The Interswitch Blockchain Service Supply Chain Financing Module is set to make full use of the Microsoft Azure Blockchain technology, with the idea being to provide a proven, secure, compliant and scalable cloud platform that accelerates and supports the next generation of blockchain applications.
Enabling a single version of the truth across the supply chain, lenders and suppliers will be able to identify and build relationships with high performing entrepreneurs.
According to the company, this initiative will bring together entrepreneurs, major financial institutions and corporates organizations, all on a single platform that will provide end-to-end visibility, and ensure fast and seamless trade financing in supply chain operations.
Principal Program Manager, Microsoft Azure Blockchain at Microsoft Corporation, Michael Glaros:
“We are excited about this partnership with Interswitch. This will be the first enterprise-grade blockchain service in Nigeria, and one of only a handful of production blockchain applications in use by banks and corporates globally. The blockchain technology is still in its infancy in Nigeria and we are happy to pioneer its deployment in partnership with Interswitch, an innovative and forward-thinking company, which has evolved its business around financial technology.”
And while the application of blockchain is usually associated with cryptocurrency, the Interswitch Blockchain service makes do without. Authorized officials from participating entities will handle transaction enquiries and verifications, without the incentives of a cryptocurrency.
Essentially, Interswitch, in collaboration with Microsoft, has built a platform that will allow anyone to build blockchain-based solutions easily and more cost effectively.
With the added benefit of lower costs and shorter time investments.
Take a look at the electronic payment and digital commerce solutions offered by Interswitch here.