BENGALURU: EdgeVerve, the products subsidiary of Infosys,
has launched a new software platform that will be based on Blockchain,
the underlying technology that powers virtual currency Bitcoin, at a
time when traditional banks and financial services firms globally face
unprecedented disruption from newer emerging areas of financial
technology.
Blockchain-based software platforms
typically allow banks to upgrade existing legacy technology systems and
help increase efficiencies, security and accuracy of each transaction.
"Blockchain
can offer significant opportunities to modernize legacy processes,
reduce costs as well as improve operational efficiency and authenticity
of transaction data. At EdgeVerve, we are making significant investments
in this space that includes our research facility in Ireland and
important financial industry partnerships. Several of the world's
leading financial institutions are already collaborating with us to
build blockchain powered banking applications and networks," said Andy Dey, president of customer and operations at EdgeVerve.
Infosys, which on Wednesday launched what it calls the EdgeVerve Blockchain Framework, is not the only large Indian IT firm that is currently scrambling to offer futuristic blockchain-powered solutions to customers -- other rivals such as TCS, Cognizant and Wipro have also set up dedicated teams over the past 12 months to work on building such products.
For
India's largest software firms, betting on futuristic areas of
financial technology is even more important, given that large banks and
financial services organizations such as Citigroup, Bank of America,
Goldman Sachs and JPMorgan Chase are among the largest customers for
India's $160-billion IT industry and contribute well over 40% of the
sector's revenues.
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