IT services and solutions provider Mphasis has today unveiled its Centre of Excellence 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 on-board blockchain based solutions and services. The Mphasis Centre of Excellence for Blockchain technologies will be headed by Nitin Narkhede, Vice President and Head of Service Innovation.
In line with Mphasis’ hyper-specialization strategy, this Blockchain Centre of Excellence will initially develop solutions for the Mortgage, Insurance and Payment industries on private blockchain. Mphasis’ blockchain framework collates applications, data & routing layer and enablers their interface with public blockchains. The data and routing layer is the core of this framework, designed to help organizations organize and publish millions of cryptographic proofs on blockchains. The enablers will help accelerate the process of deploying various solutions, reducing the complexity of on-boarding and operating costs for adopting blockchain technology.
The private blockchain is scalable to store millions of auditable, quickly traceable records on shared ledgers and is connected to the bitcoin network. The blockchain also interfaces with multiple external data service providers to orchestrate multi-entity workflows.
Gopinathan Padmanabhan, Chief Innovation Officer and President of Global Delivery at 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,”
President of Mphasis Digital and Strategic Customers, Dinesh Venugopal commentd: “Being a business transformation enabler for enterprises, we intend to take center stage in shaping global technological disruptions. 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,”