It was good momentum in Nigeria as Interswitch Group and Microsoft announced the launch of an innovative blockchain-based supply chain financing service in a partnership deal.
The partnership brings together entrepreneurs, major financial institutions and corporates organizations, all on a single platform to provide end-to-end visibility that will ensure fast and seamless trade financing in supply chain operations.
The Interswitch Blockchain Service (Supply) Chain Finance Module), built and hosted using the Microsoft Azure Blockchain technology, provides proven security, compliance and scalable cloud platform that accelerates and supports the next generation of blockchain applications.
In our 15 years of operation, we have experienced the bottlenecks associated with the existing corporate-based financeing infrastructure in Nigeria. This is why we are happy to partner with Microsoft, by leveraging the advanced technology of the Microsoft Azure Blockchain, to prove the possibility of building a distributed ledger that is practical, viable and has the propensity to solve some of Nigeria's most difficult financial and logistic problems. said the Group Managing Director and Chief Executive Officer at Interswitch, Mitchell Elegbe.
Based on the launch of the Interswitch Blockchain Service (Supply Chain Finance Module), small to middle-sized businesses can access more funding in a shorter time (up to three weeks) from participating banks such as United Bank for Africa Plc (UBA), Guaranty Trust Bank Plc (GTB) and Zenith Bank Plc and enjoy increased sales cycles from participating corporations such as the Dangote Group.
The Interswitch Blockchain Service does not deploy the use of cryptocurrency in its application like blockchain application is usually associated with cryptocurrency. Transaction inquiries and verifications will be handled by authorized officials from participating entities, without the incentives of a cryptocurrency.
Michael Glaros, Principal Program Manager, Microsoft Azure Blockchain at Microsoft Corporation, said:
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 Nigera and we are happy to pioneer its deployment in partnership with Interswitch, an innovative and forward-thinking company which has evolved its business around finacial technology
The Interswitch Blockchain Service allows Nigerian lenders and suppliers to identify and build relationships with high performing entrepreneurs.
"Interswitch, in collaboration with Microsoft, has built a platform that will allow anyone to build blockchain-based solutions easily and more cost-effectively, It is truly blockchain for everyone with lower costs and shorter time," Mitchell concluded.
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