IRTI launches blockchain-based credit management platform | ZAWYA MENA Edition – ZAWYA

IRTI launches blockchain-based credit management platform | ZAWYA MENA Edition – ZAWYA

The patented Smart Credit Management System minimises the risks associated with credit financing to businesses and consumers through the use of new economic incentive models and advanced implementations of hybrid blockchain technology, said a statement.. The system, once completed, will be of great value to Islamic banks and other financial institutions.. "Our new partnership with E24P aims to address this need by providing the infrastructure needed for the Islamic financial industry to deliver critical services to both the developed and developing world.". The partnership aims to leverage the E24P blockchain teams' deep expertise in deploying blockchain systems to further the IsDB's mission of enabling greater financial inclusion, alleviating poverty, and accelerating the development of the Islamic financial industry.. The implementation of blockchain systems in complex processes like credit and insurance has long been sought after by financial institutions around the world.. In offering credit financing, Islamic banks need a mechanism to discipline debtors to pay on time..