India has embraced blockchain technology and many tech-based companies have found use-cases for this decentralized and distributed digital ledger. Infosys, one of India’s premier technology services and consulting firms, announced on 18 December the launch of three comprehensive blockchain-powered distributed applications for government services, insurance, and supply chain management domains.
The company defined these three applications as ready-to-subscribe business networks that would ensure quick deployment, interoperability across disparate systems, along with other uses clubbed with technologies like IoT, Analytics. Infosys joins the league of other Indian companies that are deploying blockchain-driven tech in their domains to manage time efficiently and avoid as much risk as possible.
Recently, India’s Tata Consultancy Services [TCS] had announced that its blockchain development kit, Quart DevKit, will be made available for enterprises. These enterprises will be able to build and deploy blockchain applications on platforms like Hyperledger Fabric, Ethereum, or R3 Corda.
Infosys will be making use of blockchain and will be equipped with a predictive return of investment [ROI] analytics for business investments that can be customized to meet industry-specific needs. The announcement added,
“Enterprises can capitalize on blockchain’s benefits of trust, immutability, and transparency to develop an inter-organizational conduit for strengthening their core business processes across multiple value chain partners having disparate IT systems.”
According to the announcement, its Supply Chain Distributed Application will leverage the blockchain platform to offer solutions for various inbound/outbound logistics and distribution activities. Further, its Government services will aim to enable different government organizations in establishing inter-departmental interaction to meet the citizens’ requests through a single window. Finally, the third application for Insurance will aid insurance companies in areas like policy administration, claims handling, and multiparty negation, to name a few.
With the Indian judiciary and government still understanding cryptocurrencies, an extended use-case of blockchain introduced by tech companies like TCS and Infosys bodes well for the industry. It also bodes well for these companies as they are expanding their presence in the Indian market by providing all-round blockchain-driven services.