du on-boards Finance House launching UAE’s 1st 'Blockchain-Powered Bank Trust Network'
The telco has on-boarded Finance House and other banks as Proof of Concept of the BPaaS network solution
Du in partnership with Avanza Innovations, has built the country’s first document exchange platform on its Blockchain Platform as a Service (BPaaS), named the ‘Bank Trust Network’.
Bank Trust Network will enable paperless exchange of information between banking institutions and their beneficiaries, increasing banks’ efficiency, reducing fraud risks, making customer experience digital, and reducing damage to the environment by excessive use of paper.
After announcing the latest BPaaS breakthrough at GITEX Technology Week 2019, du also revealed that Finance House – a leading financial institution that offers innovative financial products and services – has been on-boarded as the first customer on Bank Trust Network to showcase the buyout process between Finance House and other banks. The solution will facilitate the entire buyout process by issuing the liability and clearance letters in a trusted, tamper proof platform.
‘Banking on Blockchain’
Farid Faraidooni, Deputy CEO - Enterprise Solutions, EITC, said: “As a leading smart city enabler, du is leveraging nascent technologies like blockchain to power the key industries of tomorrow. Since the inception of our BPaaS in 2018, this pioneering platform has become a centerpiece of enablement for an increasing number of the UAE’s government and enterprise sectors. With the development of the Bank Trust Network, we are proud to once again reinforce our commitment towards industry-defining product innovation that is in line with the digital transformation blockchain strategies and visions of the UAE leadership. We are adamant this BPaaS solution will redefine our customers’ digital transformation journeys and we will continue working alongside our customers and with all our partners in order to explore this technology’s immense benefits and potential.”
Wael Elsayed Ibrahim, Group Chief Operating Officer, Finance House, said: “At Finance House, we are continuously on the hunt for transformative solutions that enable us to optimise our financial products and the digital roadmap of our organisation. By signing as the first Bank Trust Network partner, we believe this optimal BPaaS solution will enable Finance House to provide enriched and seamless financial solutions for clients. We are proud to be part of this innovative blockchain ecosystem and to be partnering with a leading technology enabler like du to champion reliable digital solutions to enrich the UAE’s future progress.”
Through its partnership with ConsenSys, a leading blockchain solutions provider and venture production studio, du is building decentralized BPaaS applications and offering an integrated set of solutions for client-centric blockchain ecosystems. du’s BPaaS is a cloud-native blockchain infrastructure that can provision private blockchain networks with a high level of customization, supporting multiple consensus algorithms with monitoring, managing capabilities, and smart contract capabilities.
BPaaS represents the outcome of du’s initiative to meet and support the UAE Blockchain Strategy, which was launched in April 2018 by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The strategy aims to capitalise on blockchain technology to transform fifty percent of government transactions by 2021.
du’s BPaaS offers a shared environment for customers to host their blockchain-based POCs and production systems, including shared infrastructure and document management, which will adopt and facilitate the current process of any organization by making it more secure, easy and immutable on blockchain.
The BPaaS solution offers companies and government entities immense opportunities for scalability, compatibility, and better software with low-cost access to technology.