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:
“The successful results proved that Myanmar’s cloud-computing environment could handle the blockchain technology.”
According to the report, Myanmar’s nascent financial infrastructure could make it an ideal location for companies to begin building and using blockchain systems.
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.