Infosys Working on 50 Blockchain Projects

News | June 20, 2017 By:

Infosys, India’s second largest IT company, has revealed that it is working on 50 different blockchain pilot projects. A vast majority of the projects have been done for non-financial services areas.

Infosys Center for Emerging Technology Solutions Vice-President and Head Prasad Joshi said the company has formed blockchain workgroups for each industry vertical. “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,” he said.

The company believes that there is a huge opportunity to use blockchain in business areas outside financial services. One such pilot that Infosys is doing is for an unnamed US coffee company’s retail supply chain. The pilot 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,” Joshi added.

EdgeVerve Systems, a wholly-owned product subsidiary of Infosys, recently announced a pilot to launch a blockchain network for international remittances and trade finance, along with Emirates NBD, a banking group in West Asia and ICICI Bank.