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Infosys enters into a new enterprise alliance in order to utilise Blockchain

The alliance is also expected to help upgrade its quality of services, and help utilise existing technology efficiently.

In an announcement on Thursday, May 24, Infosys, the Indian multinational software corporation, stated that it has now joined the Enterprise Ethereum Alliance in order to use Blockchain database across several verticals.

The statement had the company saying that the alliance is going to connect Fortune 500 organisations and start-ups, as well as academics and technology vendors with Ethereum, which is a decentralised platform running smart contracts. The pros of running applications on the Ethereum platform is that they execute exactly as programmed without having to suffer any downtime, censorship, fraud or interference from a third party.

The company also added in the statement that the alliance is expected to help it integrate Blockchain in a number of enterprises in several industries such as insurance, pharma, retail, energy, utilities and services sectors. Being a distributed database, Blockchain preserves data and logs using blocks, which are protected against any kind of tampering and modification. Additionally, there is also a timestamp in each and every block, along with a link to the previous one.

An open, scattered ledger, Blockchains capture and document transactions between multiple parties in an authentic and secure way, which is also permanent in nature. Besides that, the ledger can even be programmed to make transactions take place all by itself.

The outsourcing firm stated that it is the goal of delivering the best experience to its customers that is the reason behind its investments in emerging technologies and innovation-led thinking.

Ethereum is an architecture for smart contracts, scalability and network security, which has a wide range of proof-of-concept projects in several sectors of the industry, the chief among them being financial markets. Using Ethereum, the statement added, Infosys would be able to take yet another step towards achieving their goal of upgrading the quality of services, as well as its abilities in making the existing technology reach its fullest potential.

Photography: Binoyjsdk/Creative Commons 

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