Bringing distributed ledger technology to the traditional financial sector will be quite a challenge throughout the next few years. Infosys subsidiary EdgeVerve has launched a new blockchain-based software platform to make this transition a lot smoother.
Infosys Ventures Into Banking Industry
In this day and age, most banks around the world are struggling to come up with innovative ideas to meet consumer demand. Moreover, there is a lot of competition in the financial sector right now, thanks to the emergence of Bitcoin, Ethereum, and FinTech, to name a few initiatives.
Additionally, a lot of banks are keeping a close eye on distributed ledger technology for the time being, as this innovative solution allows for cheaper and faster operations. Infosys feels they can play an integral role in this process as their new blockchain-based solution will bring more efficiency, security, and accuracy to the banking sector.
It is interesting to note this new initiative is coming to fruition through Infosys subsidiary EdgeVerve, a company not too many people are acquainted with just yet. That being said, the launch of the EdgeVerve Blockchain Framework will help put this company on the map in the coming months and years.
EdgeVerve President of Customer Operations Andy Dey stated:
“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.”
There is a lot of competition in the distributed ledger sector right now, as various companies are trying to strike partnerships with financial players. R3 CEV is the best-known player in this regard, but companies such as Mijin, Chain, Tierion, and others are all trying to get a foothold in this market in the coming months.
Keeping in mind how Infosys is an Indian IT firm, it is kind of interesting to see companies in this emerging region come to foreground in the world of distributed ledgers Very few people are aware of how India’s IT industry is being targeted by some of the largest financial players in the world. In a way, this creates a breeding ground for bridging the gap between finance and distributed ledger technology in the coming years.
Source: India Times
Header image courtesy of Infosys