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Infosys bets big on blockchain technology

Banks and other financial institutions are increasingly investing in blockchain technology as it cuts their costs and make their operations faster and more transparent.

twitter-logo PTI        Last Updated: April 28, 2016  | 09:06 IST
Infosys bets big on blockchain technology
Photo: Reuters

Betting big on 'blockchain technology', software services major Infosys has launched a new framework that will allow banks to simplify complex transactional services.

Blockchain is like a huge, decentralised ledger for bitcoin (digital currency) that records every transaction and stores this information on a global network so it cannot be tampered with.

It enables secure, peer-to-peer transactions that can be verified without any centralised authority.

Banks and other financial institutions are increasingly investing in blockchain technology as it cuts their costs and make their operations faster and more transparent.

Infosys said it is in discussion with over 10 institutions globally for deploying the solution.

"The EdgeVerve Blockchain Framework is designed specifically for the banking sector and can scale to the levels needed to support international, cross-border transactional business," Infosys Finacle Product Strategy Head Rajashekara V Maiya told PTI.

He added that applications built on this framework can run payments and other high volume transactional banking services with increased efficiencies, transactional security and accuracy at a lower cost.

"We are in active conversations with more than 10 banks," he said adding that these institutions are located across India, Australia, the US, Asia and Africa.

The Bengaluru-based firm is keen on working with companies across areas like payments, trade finance, invoice processing, smart contracts, digital vaults and syndicated loans among others.

Maiya said there is a high level of interest in blockchain technology. He said venture capitalists and private equity players have invested about $20 billion last year in companies working on blockchain and cryptocurrency technologies.

"We started from scratch... To start with, we got almost over 40 people to get certified under Blockchain. The blockchain solutions development is built in our R&D centres in India and Ireland. Interest in this field is dynamic and the developer count will keep increasing with the demand," he said.

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