Singapore-based blockchain technology company Finterra has officially set its camp in Kenya. The ‘social solutions for blockchain’ firm, which has offices in Hong Kong, Abu Dhabi, New York (USA) and Kuala Lumpur (Malaysia), specifically targeted the Kenyan market after its studies revealed heightened interest and application of blockchain technologies in the country.
Finterra leverages the offerings of cloud services to deploy blockchain applications, that have, as discussed previous posts, been used to dispel trust issues when making transactions owing to its transparency in the financial service platform.
On top of what the company offers, Finterra looks forward to people joining its ecosystem and build complementing products and services. To showcase what the Finterra platform can do, the company will roll out three unique products, which are the Endowment Chain, an Open Source Development Community, as well as the Loyalty Exchange Points.
According to the group’s CEO Mr. Hamid Rashid, The Endowment Chain will target non-profit organizations and asset owners in a bid to give them access to funding opportunities as stepping stone to community development. The Open Source Development Community will encourage and support community innovation and collaboration, whereas Loyalty Point Exchange system will be used to providing additional value for many based on loyalty points.
“To make the best use of these endowed gifts, the Endowment Chain allows participants to create project proposals to develop and invigorate endowment properties. Others can fund these project proposals by contributing funds. If the project goals are met, the project proposal is accepted and a certain number of Endowment tokens are created and distributed to the participating funders,” remarked Hamid Rashid Finterra CEO.
“Surprisingly very many institutions are running on blockchain, the New York stock exchange, standard chartered bank remittances and Singapore airlines. There are many user cases coming up, which will bring blockchain to the mainstream giving value to the technology,” added Mr. Rashid.
The organization promises reduced costs by cutting overheads that are common in the traditional contract processes, in addition to real-time tracking of audits and automation.
Finterra has been running its trade in the last six months. It also serves a client base of 400,000 people how are spread across the previously mentioned countries.
The local launch will be complemented by e-commerce for the exchange of products, as well as a land management platform. Of course, both cases will apply blockchain technologies to address issues such as duplication of key documents in land ownership.
Future plans include possible collaboration with mobile service providers, Pay TV operators, and hotels, among others.