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Infosys is Working on 50 Pilot Projects based on Blockchain Technology

Infosys, the global leader in technology services and consulting, is currently working on a whopping 50 different blockchain pilots with a majority of them belonging in the non-financial services category.

One of India's biggest multinational corporation, Infosys seems to have finally decided to dive full on in blockchain technology development sea and go beyond the finance sector.

Infosys’ chief of emerging technology solutions, Prasad Joshi, recently talked to Business Line (BL) and revealed that the company is currently in the midst of making some market marked shift in strategies as it is wishes to invest and test the waters in new technologies across multiple industries and not just finance.

He said, "Our 500 blockchain specialists and 1,000 consultants form a part of the core group that will take these blockchain technologies to existing and new customers."

In the BL interview, Joshi also shared details about a blockchain pilot that Infosys is currently conducting for a US coffee company’s retail supply chain. Though he didn't give out the name of the coffee chain, he did reveal that solution that the company is currently working on will see transactions and contracts between the coffee company, the coffee growers and other ancillary parties in the supply chain being easily recorded and stored on a blockchain. The solution will come with a dashboard in which all the parties involved in the supply chain will be able to look for desired information and make their decisions accordingly.

Infosys and blockchain go way back. It was in the year 2015 that the Bengaluru headquartered MNC first dabbled into blockchain development by launching Finacle, a comprehensive and componentized core banking solution to power digital transformation strategy. In 2016, Infosys’ Edgeverve unveiled to the world a blockchain framework meant for financial services institutions.

Edgeverve, the IT giant's FinTech-forward subsidiary, is doing great work in the blockchain field and has already powered an international blockchain pilot between Emirates NBD and ICICI, Dubai’s largest bank and India’s largest private sector bank respectively. Late last year the two banks announced successful run of two of their blockchain pilots. While the first one succeeded in provide that real-time successful international money transfer is a possibility between two physical bank branches, the second one, on the other hand, saw a trade finance pilot to import shredded steel melting scrap from Dubai to the Indian subcontinent.

Most recently, Infosys’ Finacle provided a cloud-based blockchain platform for Qatar’s first private lender, Commercial Bank, to complete a regional money transfer pilot. The trials for the project were carried out on a 'blockchain grid’ which is shared by three partner banks in UAE, Turkey and Oman.

Keeping watching this space to know more about Infosys' efforts in the blockchain technology space.

[Top Image: The Fintech]

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