Integrating Ethereum Blockchain and Web Applications for a Philippine Commercial Bank
September 26, 2018
Financial inclusion has been on the agenda of regulators and financial institutions in the Philippines, where cash is king and much of the population remains unbanked. Expertise in blockchain and smart contract technology is essential to rise up against the challenge of building digital solutions and to help foster a more inclusive financial system for Filipinos. Furthermore, the knowledge in blockchain helps in realizing the vision of a platform that has prevented rural banks from joining the country’s payment networks.
One of the country’s leading commercial banks turned to Blockchain, a nascent technology hailed as the next major disruptive innovation since the Internet, to develop a remittance platform linking together rural banks in different parts of the country. With its push into blockchain and years of experience with full-stack web development, Pointwest took on the challenge of building the platform for the bank.
Pointwest offered a solution that integrates a decentralized application on a private Ethereum blockchain with a web application that is deployed on Microsoft’s Azure cloud platform. This combination of blockchain and web technologies removes the complexity of interfacing with the decentralized application through a Web API while still providing the same security benefits one can expect from a blockchain-based solution.
In addition to a Web API, the solution also includes a client-facing application that provides participating rural banks with the ability to manage their blockchain wallets. They can also facilitate fund transfers to and from anywhere in the country without the steep infrastructure and integration costs associated with joining an interbank network.
Pointwest provided consultancy and development services, which were instrumental in delivering a solution for the commercial bank and aided in bridging the gap between the country’s financial institution and the unbanked. This engagement also strengthens Pointwest’s reputation of agility, quality, and innovation as a digital solutions provider.