Blockchain FinTech company AlphaFin, Inc., which is utilizing Casper Blockchain has onboarded the first ever blockchain-powered Micro Finance Institution (MFI) in concert with Dhosa Chandaneswar Bratyajan Samity (DCBS.in) which is one of the Development Organizations working to improve the financial situation of women in rural India.
“The significance of this achievement is that for the very first time, the loan proposal is immutably recorded on the Casper blockchain which provides verification and authentication of the loan and the lending microfinance organization identity.” Dr. Adel Elmessiry, Ph.D. the CTO/President of AlphaFin, Inc. and the visionary behind the Decentralized Lending Network.
Adel ElMessiry adds “Because of COVID-19 and the catastrophes it has created – especially in the sphere of lending and micro-loans – there is no easy way to serve those needs without being able to validate the identity and authenticity of the actual loan transaction on both ends. That firmly in place, we are finally unlocking a new avenue around the globe for humanity to help each other. We are keen to get started and to have DCBS as a partner.”
We are excited that Dhosa Chandaneswar Bratyajana Samity (DCBS) has been successfully onboarded to the DLN Test Platform. We can now upload 150 loan proposals for the goat rearing farmers in the villages under Sundarbans biosphere of South 24 Parganas district, West Bengal, India.” Animesh Naiya, Secretary, DCBS declared.
The DCBS/Alpha Fin collaboration will serve as a proof of concept focused on the FinTech company’s current project, a decentralized autonomous organization named the Decentralized Lending Network (DLN.org). The Decentralized Lending Network is a financial technology project that lives on the blockchain.