NEM's blockchain application technology in the financial field has been implemented in Myanmar

Japanese ITpro Economic News reported: From May to June 2016, Infoteria, the leading company in Japan's application integration software industry, and Myanmar's financial institutions jointly completed an experiment on the NEM blockchain in transaction settlement data of large-scale financing and savings systems.

The current business data of Myanmar BC Finance (Myanmar's largest microfinance institution) is centrally managed and traded on the head office's Microsoft SQL Server database, and each branch synchronizes data with the head office in batches once a day.

The simulation environment is to replicate the relevant financial system on the Mijin private blockchain to achieve efficient implementation of the original IT business process on the blockchain. The business completed in the experiment includes checking important data on the core business such as account balance and loan amount on the blockchain.

Review of the experimental process

Infoteria sent a staff member and a blockchain expert proficient in NEM to Myanmar to implement the project for about a week starting from May 28, 2016. BC Finance replicated all the transaction processes of the current accounts in 19 branches opened in Myanmar on the blockchain.

On the NEM blockchain, BC Finance's group account and user accounts use tokens of the same value as the local currency "Myanmar Kyat" for simulated transactions. All business is completed through the user interaction mode within the private chain, ensuring the independence of the system in the blockchain. All transaction processes are implemented through NEM mosaic and namespace technology.

Through scenario simulation experiments on necessary data for small credit business such as account balances and loan amounts, it was confirmed that high-intensity batch searches and query requests can be completed on the blockchain, and the verification process fully meets the performance requirements of the scenario.

Experimental environment configuration

During the verification, the NEM Mijin private chain provided by the blockchain company Tech Bureau Co., Ltd. and Infoteria's "ASTERIA WARP" middleware and Microsoft SQL Server database management software were mainly used. The blockchain docking environment is located in the Microsoft Azure data center, with two instances in East Japan and West Japan, forming the Mijin cloud chain.

Future plans

Starting from July 15, 2016, for about 6 weeks, Infoteria plans to further implement production business testing of blockchain in the SQL Server and Azure environments in the current mode. At the same time, it will also work with BC Financial to design and develop a full chain implementation with multi-point synchronization to achieve a real-time synchronous business environment covering the whole of Myanmar, effectively improving the current status of financial software implementation in the country.

Infoteria CEO Yoichiro Hirano pointed out: Through the convenient API model of blockchain software, the advantages of blockchain technology in microcredit business are fully demonstrated, making the management of financial business more convenient and efficient. Blockchain will become an important solution for building a reliable financial data center at low cost.