Infosys Mulling Bitcoin Technology to Boost Finacle
- India-based Infosys is considering the use of blockchain technology to enhance its widely used Finacle banking software.
India-based Infosys is considering the use of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe technology to enhance its widely used Finacle banking software.
The multinational company conducts business consulting, technology, engineering and outsourcing services. Its Finacle product is used by numerous banks globally. Senior management has reportedly been leaning towards greater focus on its mobile banking offerings, but Michael Reh, who has been tasked with revamping the software, is evaluating the usefulness of the blockchain.
One executive said that he didn't see this as a large-scale re-working of Finacle, but he acknowledged that there were areas that could be re-engineered. A second executive commented:
"The thing with this (Blockchain) is that we still do not know the full technology impact it can have. More than just knowing the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl , we can get insights in legal documents, or use for even credit-worthiness of parties. All this obviously makes your (core banking) product stand out."
Recently, major banks UBS and Bank of NY Mellon both announced initiatives to look into how blockchain technology can make transfers faster and more cost effective. They are two of possibly numerous other institutions that are reportedly doing the same but have yet to publicize their plans.
Ripple's technology for currency transfers has already been implemented by Fidor Bank and two smaller banks in the US.
The addition of such technology by a software provider may add the effect of killing several birds with one stone, and in theory, can contribute to a domino effect whereby more banks growing interested in this area reveal their existing plans.
India-based Infosys is considering the use of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe technology to enhance its widely used Finacle banking software.
The multinational company conducts business consulting, technology, engineering and outsourcing services. Its Finacle product is used by numerous banks globally. Senior management has reportedly been leaning towards greater focus on its mobile banking offerings, but Michael Reh, who has been tasked with revamping the software, is evaluating the usefulness of the blockchain.
One executive said that he didn't see this as a large-scale re-working of Finacle, but he acknowledged that there were areas that could be re-engineered. A second executive commented:
"The thing with this (Blockchain) is that we still do not know the full technology impact it can have. More than just knowing the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl , we can get insights in legal documents, or use for even credit-worthiness of parties. All this obviously makes your (core banking) product stand out."
Recently, major banks UBS and Bank of NY Mellon both announced initiatives to look into how blockchain technology can make transfers faster and more cost effective. They are two of possibly numerous other institutions that are reportedly doing the same but have yet to publicize their plans.
Ripple's technology for currency transfers has already been implemented by Fidor Bank and two smaller banks in the US.
The addition of such technology by a software provider may add the effect of killing several birds with one stone, and in theory, can contribute to a domino effect whereby more banks growing interested in this area reveal their existing plans.