Mphasis sets up first CoE for Blockchain technologies in India

BANGALORE, INDIA: Mphasis today unveiled an industry first Centre of Excellence (CoE) for Blockchain based solutions at its Bangalore headquarters.

The dedicated lab will facilitate research, rapid prototyping, co-creation of use cases and IP creation on blockchain technology and platforms. In line with Mphasis’ hyper-specialization strategy, this Blockchain CoE will initially develop solutions for the Mortgage, Insurance and Payment industries on private blockchain.

The CoE, launched a blockchain solution framework, that 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.

Blockchain, the technology that underpins the bitcoin concept is considered as the next big thing in the IT street. Blockchain is on its way to find infinite possibilities and use cases across industry segments.

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.

“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 CoE for Blockchain technologies will be headed by Nitin Narkhede, Vice President & Head of Service Innovation.