Infosys has unveiled its EdgeVerve Blockchain Framework, designed to further the adoption of blockchain technology by the financial services sector. Would this translate into speedy deployment of blockchain technology?
Introducing EdgeVerve Blockchain Framework
At the Infosys Confluence Global Client Summit in San Francisco on April 27, Infosys unveiled the EdgeVerve Blockchain Framework.
The framework is designed to further the adoption of blockchain technology by the global financial services sector. The framework is a permissioned ledger which has been designed specifically for the banking sector.
According to the Company, applications built on this framework can increase efficiencies, security and accuracy, apart from lowering costs compared to legacy systems used by global banks.
Andy Dey, President at EdgeVerve (an Infosys subsidiary), says:
“Blockchain can offer significant opportunities to modernize legacy processes and reduce costs as well as improve operational efficiency and authenticity of transaction data. At EdgeVerve, we are making significant investments in this space which 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.”
The EdgeVerve Blockchain Framework uses a distributed, permissioned ledger to minimize operating costs without compromising data integrity and security. It is asset agnostic and banks can use this framework to store multiple assets within a single network. It is also highly extensible and has an API (Applications Program Interface) which supports administrative tools. Custom blockchain solutions can be deployed along with this framework.
Why Infosys matters
Infosys operates in the BFSI (Banking, Financial Services and Insurance) domain through EdgeVerve Systems, a wholly-owned subsidiary.
Finacle, the solution provided by Infosys, is the industry-leading universal banking. Finacle is used by banks in 84 countries and serves 547 Mn customers – over 16% of the world’s banked population.
Hence, the implementation of a blockchain solution by Infosys is bound to bring confidence to global banks in exploring this nascent technology.