IT outsourcing company Mphasis announced its Centre of Excellence (CoE) for Blockchain based solutions in Bangalore.
This Blockchain lab, the first in the IT industry, will conduct research, prototyping, co-creation of use cases and IP creation on blockchain technology and platforms to facilitate enterprises to adopt blockchain based solutions and services.
Nitin Narkhede, head of Service Innovation, will head Mphasis Centre of Excellence for Blockchain technologies.
Mphasis says the Blockchain center will develop solutions for the Mortgage, Insurance and Payment industries on private blockchain. Mphasis’ blockchain framework collates applications, data & routing layer and enablers to interface with public blockchains.
The data & routing layer is the core of this framework, designed to help organizations to organize and publish millions of cryptographic proofs on blockchains. The enablers will accelerate the process of deploying various solutions, thereby reducing the complexity of onboarding and operating costs for adopting blockchain technology, said Mphasis in a statement.
The private blockchain is scalable to store millions of auditable, traceable records on shared ledgers. Mphasis private blockchain connects to the bitcoin network, which makes the model immensely scalable. The blockchain interfaces with multiple external data service providers to orchestrate multi entity workflows.
“While the financial sector will lead the adoption and find innovative use cases of Blockchain, the possibilities it offers across industry segments are significant. Private blockchains are likely to be more acceptable and adopted by financial institutions in the initial adoption stages for their internal processes,” said Gopinathan Padmanabhan, chief innovation officer and President – Global Delivery, Mphasis.