Software development firm Infoteria has revealed it is working with Myanmar microfinance firm BC Finance to streamline its financial transactions using blockchain technology.
The Japan-based company conducted the tests on BC’s computer system to see if a low-cost alternative to the traditional financial infrastructure could also be more reliable, according to a report today in Nikkei Asian Review.
From the report:
As that system scales, Infoteria president Yoichiro Hiroan told the Review that blockchain can be implemented at less than one-tenth the cost of a traditional database, and that the company plans to have a commercial implementation of the tech in less than two years.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.