The Interswitch Blockchain Service solution also familiar as Supply Chain Finance Module is connecting the entrepreneurs, financial institutions with corporate organizations together. This module will link every organization on a single platform basically to offer end-to-end visibility. This will make sure quick, easy and seamless trading finance in supply chain operations.
The Group Managing Director and CEO at Interswitch, Mr. Mitchell Elegbe reveals at Lagos about the motto behind this service. It will offer small to middle size businesses an opportunity to drive more funding within a short period of time. Meanwhile, they can engage with banks and enhance sales from engaging corporations.
Elegbe also says that while the blockchain application usually incorporates with cryptocurrency, this new Interswitch Blockchain service is not using cryptocurrency within its application. He emphasizes that authorized officials from engaging entities will handle the transactions inquiry with validation. Moreover, they will do this without any incentives of a cryptocurrency.
Interswitch, in collaboration with Microsoft, has built a platform that will allow anyone to build blockchain-based solutions easily and more cost-effectively. However, it is truly blockchain for everyone with lower costs and shorter time.
According to Mr. Mitchell Elegbe, there are many existing issues with corporate financing infrastructure at Nigeria. This is the reason behind the partnership with Microsoft. Leveraging the Microsoft Azure Blockchain advance technology will possibly build a distributive ledger. A ledger that is practical reliable holding the propensity to resolve any difficult situation within the financial and logistics system.
Mr. Michael Glaros, the Principal Programme Manager at Microsoft Azure Blockchain says that Microsoft delights to pioneer the innovative technology deployment. This statement he says in its infancy stage at Nigeria. Moreover, he also adds,
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 corporations globally.
The blockchain technology lies within its infancy at Nigeria and they feel happy to deploy with Interswitch partnership. He believes it is an innovative and forward-looking company which emerges its business all over financial technology.