MonetaGo ditches blockchain amid scalability concerns

MonetaGo, a fintech company that provides digital fraud prevention solutions, is leaving blockchain and moving its trade finance deduplication system to the cloud, GTR can reveal.

In live production since 2018, MonetaGo’s Secure Financing platform enables financial institutions to check for duplications of documents, from invoices to bills of lading, warehouse receipts and purchase orders, before deciding to finance them. Originally built on Hyperledger Fabric, MonetaGo says that its solution at the time represented the world’s first day-to-day use of blockchain in trade finance.

In early 2019, with the Secure Financing system approaching the scalability limits of what Fabric could do for its use case, MonetaGo ported it to Corda Enterprise, R3’s commercial distribution of its open source blockchain platform, Corda, which MonetaGo says marked the first time an in-production system had ever been successfully migrated from one blockchain platform to another.

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