AlphaFin, a Fintech company that helps customers transition to blockchain-based financial systems, today announced the successful onboarding of a blockchain-powered microfinance institution in concert with Dhosa Chandaneswar Bratyajan Samit headquartered in Kolkata, 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,” explained Dr. Adel Elmessiry, the CTO and president of AlphaFin and the creator of the Decentralized Lending Network.
“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 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,” said Dhosa Chandaneswar Bratyjana Samity secretary Animesh Naiya.
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.
AlphaFin provides consultation, compliance assistance, and the application of turnkey solutions. It works in concert with the U.S. based impact organization Let’s Rethink This to publicize and accelerate its projects and partnerships.
Dhosa Chandaneswar Bratyajan Samity is a development organization working to improve the financial situation of women in rural India. It was established in 2003 at a remote village Dhosa in Sundarban area, West Bengal and was registered under West Bengal Societies Registration Act in 2003.