Indian IT services and solutions provider Mphasis has launched a Centre of Excellence CoE for blockchain-based solutions at its Bangalore headquarters. The Mphasis CoE wants to help enterprises, initially in the mortgage, insurance and payment industries, to swiftly adopt and onboard blockchain-based solutions and services. This is the largest single investment Blackstone has made in an Indian company.
Mphasis considers distributed ledger technology to be the next big thing in the IT world on its way to finding infinite possibilities and use cases across industry segments. Mandatory and regulatory closing formalities are underway. We would have [a] specific strategy and plan further to closing that is scheduled for September Venugopal explained that the new Mphasis CoE aims to conduct research, rapid prototyping, co-creation of use cases and IP creation on blockchain technology and platforms.
Mphasis will also develop capabilities blockchain use cases in india different blockchain platforms to assist its clients in the seamless adoption of blockchain and data migration to blockchain-based systems, which the company expects to be an important driver for the Indian economy.
Blockchain can bring absolute transparency and significant improvement to these business processes, leaving them less vulnerable to human error or corrupt management. There will also be huge benefits in terms of time and cost reduction. These are currently managed by multiple intermediaries and and unnecessarily complex bureaucracy. These challenges can be immediately met by the adoption of blockchain for the Indian government and financial institutions.
Blockchain can also impact how citizens interact with government departments such as utilities, infrastructure, tax, grants, property or land registry systems in India. Blockchain could improve the operational efficiency of these public departments as well as maintain a high level of transparency.
I blockchain use cases in india that the vibrant local start-up environment and their innovations in [the] financial blockchain use cases in india is another trigger, which will accelerate the adoption of blockchain in Indian financial systems.
Venugopal mentioned an important development: The Reserve Bank of India RBI has already formed a committee to explore blockchain technology to curtail paper currency and issuance of its own digital currency.
RBI has also blockchain use cases in india on Indian banks to explore blockchain technology, and there is indication that the banks are already in the advanced stages of experimentation. Mphasis is bullish not only on distributed ledger technologies blockchain use cases in india the financial sector, but also on emerging technologies such as robotics and artificial intelligence AI for the Indian economy at large.
For example, traditionally, operations roles were viewed as non-technical, where at best you are expected to use technology solutions built by others. However, with the advent of robotic processing automation tools, it will become imperative for these very same roles to be able to remove repetitive operations by using automation.
Its long-term success requires continuous monitoring and improvements.
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