Mphasis sets up Centre of Excellence for Blockchain technology

IT services and solutions provider Mphasis on Wednesday said it has set up a Centre of Excellence (CoE) for Blockchain based solutions at its Bangalore headquarters.

With this centre, the company aims to conduct research, rapid prototyping, co-creation of use cases and IP creation on blockchain technology and platforms. 

Blockchain discards the traditional process of the ledger being owned and being accessible only by a single institution and puts in place a distributed ledger, which allows for a participatory model. According to a recent report by  PwC, banks and other financial institutions are looking to implement blockchain to improve the efficiency of their legacy systems. This technology, according to the report, can improve operational efficiencies in real-time fund transfers across borders by eliminating business correspondent inefficiencies. 

This is in line with Mphasis' strategy to cater specialised and niche areas. The Blockchain CoE, which has come up with a blockchain solution framework to facilitate enterprises to swiftly adopt blockchain based solutions and services, will initially 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. 

According to the company, the private blockchain is scalable to store millions of auditable, quickly traceable records on shared ledgers. 

Mphasis private blockchain would be able to connect to the Bitcoin network, which will make the model immensely scalable, the company 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,” said Gopinathan Padmanabhan, Chief Innovation Officer and President - Global Delivery, Mphasis.

The Mphasis Centre of Excellence for Blockchain technologies will be headed by Nitin Narkhede, Vice President and Head of Service Innovation.