MonetaGo rolls out enterprise-grade blockchain deployment for multiple users
Mumbai, India-based MonetaGo has announced what it says is the first successful enterprise grade blockchain deployment including multiple financial services organizations.
According to a press release, the production system provides a common platform — one not controlled by any one financial institution — that securely and confidentially shares information and reduces fraud around receivables financing.
Receivables financing is one of the fastest growing and most efficient trade finance mechanisms for small businesses to gain credit, according to the release. The Reserve Bank of India has licensed three entities — RXIL, A.TReDS and M1xchange — for this purpose, the release said.
The exchanges provide a competitive marketplace where small businesses can obtain the best financing possible, with some of the largest Indian banks and a number of foreign banks as funding sources.
By implementing a common blockchain platform, the exchanges eliminate instances of double financing – leading to better rates across the board – without sharing specific elements of any invoice or client.
The platform is built on Hyperledger Fabric and does not rely on cryptocurrencies to operate. It has gone into production after several months of testing, the release said.
"This is a significant milestone for blockchain technology and this is only the beginning," said MonetaGo CEO Jesse Chenard.