One of India’s largest IT vendors is diving in to blockchain technology development. Software services giant Infosys is working on 50 different blockchain pilots with a majority of them in non-financial services.
Infosys’ chief of emerging technology solutions Prasad Joshi pointed to a marked shift in strategies for the software major as it looks to invest and explore in new technologies across multiple industries. This comes after recently joining the Ethereum Alliance.
500 blockchain specialists and 1,000 consultants make up just part of a group that will take these blockchain technologies to existing and new customers. The executive revealed details of a blockchain pilot being conducted for an unnamed US coffee company’s retail supply chain.
The solution sees transactions and contracts between the coffee company, the coffee growers and other ancillary parties in the supply chain recorded and stored on a blockchain.
“With blockchain, you can get a dashboard in which all parties can look at the information and make decisions accordingly,” said Joshi.
Last year, the IT giant’s FinTech-forward subsidiary Edgeverve launched a blockchain framework for financial services institutions. Edgeverve’s solution has already powered an international blockchain pilot between ICICI and Emirates NBD, India’s largest private sector bank and Dubai’s largest bank respectively.
In late 2016, the two banks lead the successful completion of two blockchain pilots.
The first proved a real-time successful international money transfer was possible between two physical bank branches. The second was a trade finance pilot used to import shredded steel melting scrap from Dubai to India. More recently, Infosys’ Finacle software offered a cloud-based blockchain platform for Qatar’s first private lender, Commercial Bank, to complete a regional money transfer pilot. Trials were conducted on a ‘blockchain grid’ shared by three partner banks in Turkey, Oman and the UAE.
The network is built on an asset-agnostic cloud-based ledger with which the banks are able to automate inter-organizational processes, reducing the risk of fraud and enabling greater transparency.