That India has been left behind in the fintech race cannot be questioned by anyone. However, the nation seems ready to embrace the fintech revolution which involves the blockchain technology and the cryptocurrencies such as bitcoin, litecoin, dogecoin, and others.
Bangalore-based leading IT services company Mphasis has unveiled India’s first Centre of Excellence (CoE) for blockchain technology. The dedicated lab will initially develop solutions for the Mortgage, Insurance and Payment industries on its private blockchain. Gopinathan Padmanabhan, CIO and President – Global Delivery, Mphasis said,
“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 and Mphasis’ solutions in this area will help accelerate the adoption of blockchain technology by our customers.”
The private blockchain is scalable to store millions of auditable, quickly traceable records on shared ledgers. It connects to the bitcoin network, which makes the model immensely scalable.
With one of India’s leading software enterprises entering the blockchain space, competitors will likely begin researching the underlying fundamentals of the technology underpinning digital currencies such as bitcoin. Nobody wants to miss out on the next great financial technology ride.
The distributed ledger technology has been widely regarded as the low-cost, reliable, extremely fast tool that has the potential to completely alter how businesses operate. Banks can immensely benefit from this P2P technology as it supports cross-border transactions in a matter of minutes, with barely any risks and at a fraction of costs. The revolutionary tech can also optimize and speed up the back-end processes in big institutions, thereby saving them time and money. In simple terms, it will improve the efficiency of a business.