EdgeVerve launches blockchain framework for financial services
EdgeVerve Systems, a product subsidiary of Infosys, has launched a blockchain framework targeted at the financial services sector.
Called EdgeVerve Blockchain Framework, it is a permissioned ledger that allows banks to deploy blockchain-based services for “varied” business areas.
EdgeVerve says it can “scale to the levels needed to support international, cross-border transactional business”; and therefore can be a platform to run payments and “other high volume transactional banking services”.
Anirban Dey, president of customer and operations at EdgeVerve, says it is making “significant investments in this space”, which includes its research facility in Ireland and “important financial industry partnerships”.
He adds that several financial institutions are already collaborating with EdgeVerve to build blockchain-powered banking applications and networks.
Other highlights of the framework:
- “Asset agnostic” – Banks can create multiple assets, and therefore store and transfer a variety of transaction assets within a single network;
- Extensible – Includes an API layer that supports extensibility and administrative tools. Banks can develop and deploy their own custom blockchain solutions along with the framework.
Something must break
News on blockchain is a never-ending story of praise, scorn or doubt. What follows is mercifully brief in order to preserve your sanity.
Morgan Stanley recently brought blockchain back to earth, calling it a “double-edged sword” because while it helps banks reduce clutter, profits could fall or shift to new players.
Meanwhile, at the Swift Business Forum London 2016, blockchain was called a revolution in reconciliation but not in payments.
