US IT consulting firm Cognizant joins blockchain advocacy group CDC

Rage Comment : Cognizant, a giant in the US service industry, announced that it has joined the executive committee of the blockchain advocacy group, the Chamber of Digital Commerce (CDC). Cognizant is also one of the founding organizations of the Smart Contract Alliance and has invested heavily in blockchain technology development. This time, it will work with CDC to achieve the ambitious goals of this technology.

Translation: Annie_Xu

Cognizant, a service industry giant and a leading global provider of consulting, information technology and business process outsourcing services, recently joined the executive committee of the Chamber of Digital Commerce (CDC).

The CDC, a Washington-based advocacy group and trade association that promotes digital currencies and blockchain technology while working closely with regulators and policymakers, recently announced that it has a new member on its executive committee.

IT consulting firm Cognizant has been involved in several blockchain projects to test and explore the potential of the technology. The most important one is the blockchain application it developed for Japan's Mizuho Financial Group, which can provide a secure and transparent accounting solution.

Prasad Chintamaneni

Cognizant executive Prasad Chintamaneni revealed that the company has invested heavily in enterprise-level customer solutions and will continue to invest in the future.

"Blockchain technology is set to change the face of the banking and financial industry, providing opportunities to create new digital business models, simplify business processes and upgrade existing IT systems."

Chintamaneni has called blockchain a "game changer in the financial services industry." The company's project with Mizuho will focus on distributed ledger solutions, providing a platform for document transactions, multi-party verification, and contracting processes. Mizuho's Tokyo and New York offices will initially launch the solution.

Cognizant also participated in the establishment of the Smart Contracts Alliance (SCA), which was announced by CDC in July 2016. The name of the alliance has revealed their purpose, which is to promote the application of smart contracts in the real world and help government agencies, regulators and enterprises understand smart contract technology.

Recently, the CDC organized policymakers in North Carolina to help improve the legal and regulatory environment for digital currency and blockchain-related companies. The CDC is committed to promoting the formulation of new regulations to add the concept of "virtual currency" to existing legal provisions to replace the counterproductive labor-intensive transfer license.