It is hard to ignore the importance of Blockchain in today’s world. Blockchain technology, which came into existence as part of the Bitcoin network is constantly changing the traditional way of managing data. It is being increasingly used to manage confidential data. We have Blockchain being utilized to manage patient medical information, intellectual property, smart contracts etc.
Banking sector is presently looking into ways of incorporating Blockchain into their day-to-day operations as it offers an inexpensive, secure and faster alternative to conventional ways of money transfer and financial data management. Few banks like already adopted Blockchain and Ripple network for money transfer.
India is considered to be the powerhouse of Information Technology. Many India based IT firms are involved in development and maintenance of banking software used by leading banks across the world. Companies like Infosys, Tata Consultancy Services, and Cognizant Technology Solutions have realized that Bitcoin and Blockchain technology’s potential and increased investments in the sector. These companies have started working on developing applications around it.
Tata Consultancy Services and Cognizant have been working on Blockchain technology for over a year now, while Infosys joined the game few months ago. According to a senior executive from Tata Consultancy Services on one of the Indian business magazine — People think Blockchain is all about Bitcoin, which isn’t true. Blockchain can disrupt the model of every single industry we can think of, even Airbnb and Uber. It eliminates middlemen and decentralizes business. The company is looking forward to offer Blockchain based solutions to capital markets for securities trading without involving the central clearing house.
Cognizant Technology Solutions is working on providing solutions for payment and settlement system. There have been some significant partnerships in the making as well. Recently Infosys entered into a partnership with Innovate Finance, the industry body of financial organizations in the United Kingdom with the intention of investing and partnering with Blockchain technology based start-ups. The company has already started working on integrating Bitcoin into Finacle – its banking software product.
Apart from Blockchain, Indian IT industry is also heavily invested in artificial intelligence. Wipro and Tata Consultancy Services have already showcased their AI platforms Holmes and Ignio earlier this year.