Indian IT giant Infosys launches blockchain platform for banks

Rage Comment : Infosys is a top banking software supplier and the first Indian company to be listed in the United States. It has been exploring the application of blockchain in the financial industry. This month, the company released a blockchain application platform through EdgeVerve Systems, where banks can quickly deploy related services, freeing banking businesses from capital type restrictions, minimizing operating costs, and maximizing system scalability. The company said it will continue to deepen its research and strive to expand its business share in this emerging market.

Translation: Annie_Xu

At the Infosys Confluence conference in San Francisco, IT services giant Infosys recently launched a blockchain platform through its subsidiary EdgeVerve Systems.

The project, called the EdgeVerve Blockchain Framework, is aimed at deepening the use of blockchain technology in the financial services industry. Infosys said the platform, built on a permissioned distributed ledger, will enable banks to "rapidly deploy" blockchain services.

EdgeVerve describes its distributed ledger platform in promotional materials as being agnostic to capital type, highly scalable and the best choice for “minimizing operational and transaction costs for financial services.”

“The platform is designed and developed specifically for the banking industry and can scale to the levels required for international cross-border transactions. These technical advantages enable the application platform within the framework to run payments and high-volume transaction banking operations.”

Andy Dey

Andy Dey, EdgeVerve's president of customers and business, said the company will invest in a related project research institute in Ireland and work with several unnamed institutions to explore its applications.

EdgeVerve says it has already developed proof-of-concepts around digital databases, invoice processing, payments, smart contracts, syndicated loans and trade finance.

The announcement comes a few weeks after Infosys released a theoretical study on the technology, with company leaders expressing their belief that blockchain technology will penetrate the financial industry in the next few years, despite existing opinions to the contrary.

With this platform, Infosys joins IT giants such as Microsoft, IBM and Red Hat in the technology exploration and competition for business in the emerging market of enterprise blockchain solutions.