Mphasis unveiled an industry first Centre of Excellence (CoE) for Blockchain based solutions at its Bangalore headquarters. This dedicated lab will conduct research, rapid prototyping, co-creation of use cases and IP creation on blockchain technology and platforms. The Centre of Excellence, launched a blockchain solution framework to facilitate enterprises to swiftly adopt and onboard blockchain based solutions and services.
In line with Mphasis’ hyper-specialization strategy, this Blockchain CoE will initially develop solutions for the Mortgage, Insurance and Payment industries on private blockchain. Mphasis’ blockchain framework collates applications, data and routing layer and enablers to interface with public blockchains. The data and 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 help accelerate the process of deploying various solutions, thereby reducing the complexity of onboarding and operating costs for adopting blockchain technology.
“We strongly believe that the Blockchain technology will disrupt business flows and processes across different industries. 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.
The private blockchain is scalable to store millions of auditable, quickly traceable records on shared ledgers. Mphasis private blockchain connects to the bitcoin network, which makes the model immensely scalable. The blockchain also interfaces with multiple external data service providers to orchestrate multi entity workflows.
“Continuing our focus on innovation and technology, Mphasis Blockchain framework will revolutionize legacy practices, help reduce costs as well as increase operational efficiency and legitimacy of transaction data,” said Dinesh Venugopal, President – Mphasis Digital and Strategic Customers.