Myanmar’s Mijin blockchain completes microcredit data transmission test

Rage Review : Myanmar may become one of the first countries in the world to use DLTs (distributed ledger technology). It is very interesting that the Mijin blockchain trial is taking place in Myanmar, a country where only 1/25 of its citizens have bank accounts. Microfinance is a service with a rapidly growing population because it is mainly about providing financial services to people who do not enjoy adequate financial services. Mijin can process nearly 100,000 transactions per second, allowing for faster data transmission. The experiment is expected to last for six weeks.

Translation: Nicole

The successful completion of the blockchain microcredit data transmission test experiment can bring many positive effects, but there are still some doubts about the scalability of blockchain solutions in the financial field. Mijin can process nearly 100,000 transactions per second, which can achieve faster data transmission.

Blockchain technology has a huge audience around the world. For a long time, this has been a problem when blockchain technology was introduced into the financial sector. Myanmar may become one of the first countries in the world to use DLTs (distributed ledger technology). The new partnership between Infoteria Corporation and Tech Bureau Corporation directly led to the mijin blockchain microfinance test.

Transferring loan and savings account data from a microfinance institution to a blockchain is not a simple matter. Unfortunately, there is no open blockchain standard for experiments in this area. Instead, both parties chose the mijin private chain, which is hosted on the Microsoft Azure cloud service platform using ASTERIA WARP.

BC Finance MFI witnessed the entire active account transaction history transferred to the Mijin Blockchain, although this only represented data from one of the 19 main branches, it was still a stress test. Each customer record contained one loan account and two savings accounts.

Now that the test has been successful, it’s time to look to the future. In the coming week, a new experiment will begin to test the Mijin blockchain’s ability to handle continuous transaction operations. According to sources, the experiment will last for six weeks.

The Mijin blockchain currently does not have an interface to browse user data. Although all data can be accessed, a more convenient solution for BC Financial employees has yet to be developed. There is no official deadline for the project, although it is likely to be completed within six weeks.

It is interesting that the Mijin blockchain trial is taking place in Myanmar, a country where only 1/25 of its citizens have bank accounts, and it may seem that blockchain will not have much impact in Myanmar. However, microfinance is a service that is growing rapidly in terms of population usage, as it is primarily about providing financial services to the underserved.