Infosys takes blockchain-based solution beyond financial services

Infosys, India’s second largest IT services exporter, takes its blockchain technology solution to customers  beyond banking and financial services sector. The company, which offered blockchain-based solution to BFSI customers so far, have recently completed some proof of concepts and paid engagement in retail, energy and other segments. 

Blockchain is the next level of technology that enables secure peer-to-peer large transactions that can be verified without any centralised authority using a “distributed” platform through a “permissioned” network. This is the main technology framework behind digital currency Bitcoin.  

This helps businesses or organisations synchronise bulk transactions or large distribution network and reduce cost.  

The Bengaluru-headquartered company offered blockchain framework, which was originally developed by its subsidiary Edgeverve Systems, to financial services client and have now tried and tested the service in businesses such as large network of coffee packaging and delivery, loyalty redemption in retail or mortgage business. 

“Yes, we do see higher take-off from financial services.In many ways other segments and services are following what financial services have done and in the process benefiting from capabilities as well, so if you look at Ethereum vs Bitcoin or some of the other protocols there is lot more standardisation and easy to access, and lot more partnerships that have happened. I think the size and growth of and opportunity and number of conversations in other segments is very clear indicator that this is an industry spanning phenomenon,” Prasad Joshi, Vice-President and Head, Infosys Center for Emerging Technology Solutions, told Business Standard in a telephonic interview. 

While BFSI contributes 33.5% of Infosys’ $10.2 billion revenue, the second biggest contributor to topline is retail and life sciences. 

UAE-based Emirates NBD, and ICICI Bank were the first two clients of Infosys who used its blockchain framework as pilot.

With businesses increasingly focusing on global distribution, acceptance of blockchain technology is “heating up” in other segments including retail, healthcare, said Joshi. 

Infosys has seen “openness” and “serious commitment” toward this technology as amongst its clients. 

“We see serious commitments, we see evolution coming in. We also sense that in certain industries'such as financial services. The discussion comes again and again that it has become imperative to put these technologies in place,” said Joshi, adding that there has been a significant disruption in the consumer business segment with the emergence of new ideas be it in the payment services or delivery. 

This technology can potentially standardise farm equipment sharing to crop logistics or tracking data of inventory in a factory to aircraft damage. 

The company has not divulged figures of revenue contribution from blockchain implementation on clients’ businesses. It however has started paid engagements. “Definitely paid engagements are there. It is no longer a technology which is just teach me, tell me what you have done, it is very real today. Financial services is the leader but other industries are not too far behind,” added Joshi.

Infosys has trained more than 500 employees in blockchain technology in the recent past and would train many more. 

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel