IPDC Finance Ltd has rolled out a blockchain-based supply chain finance platform, the first of its kind in Bangladesh, with a view to giving out low-cost loans to micro and small entrepreneurs.
A blockchain is a database that is shared across a network of computers. Once a record has been added to the chain it is very difficult to change. To ensure all the copies of the database are the same, the network makes constant checks, according to Reuters.
Blockchains have been used to underpin cyber-currencies like bitcoin but many other possible uses in areas such as banking and supply chain are emerging.
The IPDC’s digital platform, Orjon, was launched at a programme at the Radisson Blu hotel in Dhaka on Thursday last week.
Orjon is a supply chain financing solution that provides financial facilities to corporates and micro and small enterprises.
