Interswitch partners Microsoft on block chain technology
A Pan-African integrated digital payment company, Interswitch Group in partnership with Microsoft has expressed the desire to lunch an innovative blockchain-based supply chain financing service.
The initiative brings together entrepreneurs, major financial institution and corporate organizations, all on a single platform, to provide end-to-end visibility that would ensure fast and seamless trade financing in supply chain operations.
Speaking at a media briefing on the initiative, the Group Managing Director, Interswitch, Mitchell Elegbe, said in the 15years of operation of the company, it has experienced bottlenecks associated with existing cooperate-based financing infrastructure in the country.
He noted that they are happy to partner with Microsoft by leveraging the advanced technology of the Microsoft Azure Blockchain to prove possibilities of building distributed ledger that is practical and has the capacity to solve some of financial and logistics problems faced by Nigeria.
He stated that the initiative would be the first enterprise-grade blockchain service in the country and that the service is one of the handful production blockchain applications in use by banks and cooperates globally.
He added by saying Interswitch in collaboration with Microsoft has built a platform that allows anyone to build blockchain-based solutions easily and more cost effectively.
The Interswitch Blockchain Service, armed with a single version of the truth across the supply chain, allows Nigerian lenders and suppliers to identify and build relationships with high performing entrepreneurs.
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