Infosys officially releases EdgeVerve blockchain framework to promote the adoption of blockchain technology in banks

Infosys has officially released the EdgeVerve blockchain framework, which aims to further promote the adoption of blockchain technology in the financial services industry. Will this accelerate the deployment of blockchain technology?

Introducing the EdgeVerve blockchain framework

On April 27, at the Infosys Convergence Global Client Summit, Infosys announced that they will launch the EdgeVerve blockchain framework through its subsidiary.

The framework, which is a permissioned ledger designed specifically for the banking sector, aims to further the adoption of blockchain technology in the financial services industry.

According to the company, any application built on the framework can improve efficiency, security and accuracy, and reduce costs compared to traditional banking systems.

Andy Dey, president of Infosys subsidiary EdgeVerve, said:

“Blockchain can be used to modernize traditional processes and reduce costs, while also providing operational efficiency and authenticity of transaction data. EdgeVerve is making significant investments in this area, including our research facility in Ireland and key financial industry partnerships. Several of the world’s leading financial institutions are already working with us to build banking applications and networks powered by blockchain.”

Andy Dey

Main Features

The EdgeVerve blockchain framework uses a distributed permissioned ledger to minimize operational costs without sacrificing data integrity and security. Banks use this framework to store multiple assets in a single network. The framework is also highly scalable and has an API that supports management tools. In addition, custom blockchain solutions can also be deployed with the framework.

About Infosys

Infosys operates in the banking, financial services and insurance (BFSI) sector through the EdgeVerve ecosystem.

Infosys' Finacle solution is the industry's leading universal banking solution. Finacle is used by banks in 84 countries around the world, serving 547 million customers - more than 16% of the world's total banking customers.

Therefore, the blockchain solution implemented by Infosys will inevitably bring confidence to global banks in the process of exploring blockchain technology.