So far, the Bitcoin fever has been unable to impact the Indian tech sector. The country though seems to be holding larger promises as a perfect adoption place for the digital currency, tells the recent announcement of its leading IT firm Infosys.
The Bengaluru-based company recently decided to revamp its core banking service Finacle by incorporating blockchain, the underlying technology of Bitcoin that records transactions/contracts on a public ledger. According to the available information, the Infosys CEO Vishal Sikka has asked the concerned authorities to study its merits to draw out a practical plan for implementation.
The announcement has undoubtedly come in the wake of growing media attention Bitcoin is receiving for its proof of transaction features. As recognized by one of the world’s leading banking institutions like UBS, Bitcoin has the “potential to enable participants to share financial transactions on a common public ledger and therefore enhance transparency and trust while significantly reducing transaction and processing cost.”
On the other hand, Infosys has been addressing the IT needs of banking sector through Finacle . Back in 2012, the company was rumored to have had generated around $300 million from this service only, a figure which somewhat started to decline possibly due to increased market competition. Moreover, Infosys Finacle has been unable to impress the US markets, for it only has less than 1% share there.
As Bitcoin’s popularity continues to grow, many companies have taken the initiative to experiment with its underlying technology. It completely justifies the Infosys’s sudden interest in this six year old applied science. The company simply needs to address the growing global banking markets with an advanced financial architecture, the abilities with which Bitcoin is already booming.
In a statement given to LiveMint, one of the executives from Infosys Finacle unit has though neglected the rumors that speaks about destabilizing the old technology to erect a new one. The quest, as per the unnamed official, is to integrate Bitcoin in areas that require to be reengineered.
“The thing with this (Bitcoin Blockchain) is that we still do not know the full technology impact it can have,” he said. “More than just knowing the payments, we can get insights in legal documents, or use for even credit-worthiness of parties. All this obviously makes your (core banking) product stand out.”
Another executive shared the same views and told LiveMint that:
“I don’t think we can say it (Finacle) is being structurally reworked. It is a leading product recognized globally, but surely there are areas that need re-engineering. How do we make it more compatible in the age of mobile banking, and what other applications we need to build, develop on Blockchain so that we can offer benefits to our clients.”
As Infosys Finacle comes closer to being kissed by Bitcoin, the frog might turn into a prince after all. Let’s hope for the best.