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Credits targets India’s banks with high-speed blockchain network

Singapore-based blockchain platform Credits announced that it has launched its mainnet as of this week. The company has developed an open blockchain platform with standalone smart contracts and has its own internal currency.

In its website, the company stated that “the platform is designed to create services for the blockchain system using self-executing smart contracts and a public data registry.” It claims that its network allows high-speed transfer of digital assets.

Credits claims that its blockchain can handle more than 50,000 transactions per second with a minimum processing time of 0.1 second. In addition, the network will keep its transaction fee low at around ranging around $0.001.

The Singapore company, which raised US$20 million via a token sale in early 2018, is specifically targeting its high-speed blockchain platform at the lucrative Indian market; in particular the country’s banking sector. State Bank of India (SBI) has predicted that by 2030 blockchain can replace all the country’s conventional bank services.

Credits sent a team to India last June, headed by its founder and CEO, Igor Chugunov, to meet with the country’s leading banks and discuss how pilot projects might be implemented. The company has confirmed that it is in talks with multiple major Indian banks for deploying blockchain in the country’s current banking infrastructure.

Wide application

Commenting on this week’s deployment of the network, Chugunov said: “It’s been a year-long journey to get this technical masterpiece. From the beginning, we intended to bring an absolutely new solution that could find its application in a wide range of industries.”

Credits added that its mainnet is a peer-to-peer (P2P) network which serves as an add-on to the Internet. The mainnet includes Credits Node, a full client software, Credits Monitor, a blockchain explorer, Desktop Wallet and Web Wallet.

“The Credits platform contains all the necessary functionality to start using software for development and production decentralised applications (dApps),” the company said.

“Of course, as with any blockchain product, this version is not the final one. In subsequent releases we will launch a series of optimisation processes aimed at enhancing our network and data storage modules, application programming interfaces (API), further develop our software development kit (SDK), and much more.”


This item appears in the following sections:
Cash & Liquidity Management in Asia-Pacific
electronic Bank Account Management
Asia

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