There is no need to wait for more than ten years for blockchain applications. We have already started

IT consulting giant Infosys believes speculation about how long it will take for blockchain to be widely used is exaggerated.

Peter Loop, chief technology architect at Infosys, believes that the accelerating pace of new technology application will boost the development of blockchain applications, which will put considerable pressure on traditional financial solutions.

“It doesn’t take that long, ten years. Once blockchain technology is fully adopted, the way technology develops and continues to integrate will be quickly integrated.”

The announcement comes at a time when major consulting and auditing firms are vying for a share of the blockchain technology market. In addition to Infosys, Deloitte, IBM, PricewaterhouseCoopers (PwC), KPMG and others have already begun seeking a place in the market.

Peter Loop, Chief Technology Architect, Infosys

Peter Loop said Infosys is currently in the process of building proof of concept and identifying applicable business cases.

“We have set up a discussion group on blockchain, and I think the field is ripe for more technological innovation.”

Peter Loop is optimistic about the application of more business cases, including syndicated loans and supply chains, "Blockchain can be applied in many interesting areas."

Infosys is headquartered in Bangalore, India. According to its 2014-2015 annual report, the company has 193,000 employees and revenue of US$8.7 billion.

Loop said the company is committed to developing new blockchain applications and improving existing ones.

Notably, Infosys could underpin the development of the Finacle platform, a banking, payments and wealth product designed to reduce software costs for financial institutions and consolidate global services.

"These products are a key part of the company's strategy. They are a key part of the company's financial services to a broad customer base."

"Infosys is not just a consulting company, but also a product company, so we have to turn the projects we work on into products. Infosys ranks seventh among the top 10 banks. 75% of the company's revenue comes from financial services."

Customer Benefits

Infosys has noticed that many clients who have heard of blockchain technology want to get related services, but their understanding of blockchain is very limited.

Peter Loop said:

“Many banks have turned to us and said they want to be the first to apply blockchain. Infosys also believes that only when financial companies work together can blockchain technology be best developed.”

Infosys sees three types of customers: those who don’t trust blockchain; those who confuse blockchain with Bitcoin; and those who are keen to explore blockchain applications.

Infosys is excited about blockchain technology.

Peter Loop specifically pointed out that DTCC and Microsoft’s focus on blockchain are positive market indicators.

“It will be interesting to see how this ends up, I think it will be a value transfer network.”

Killer Apps

Peter Loop said that most of Infosys’ clients want to enter this industry, one of which is to test blockchain-based document management.

Large companies are using the technology to test shared ledgers and explore new potential applications.

“I talk to people who are in the learning phase, and that’s the best way to learn to be risk-averse.”

Peter Loop believes that the efficiencies that clients seek should be the focus of the conversation.

“The real purpose is not for blockchain to win, but to improve efficiency.”

“Soon you’ll have a killer app. But I hope they don’t think of it as a blockchain application, but just a solution.”