In order to foster blockchain adoption by the global financial services sector, EdgeVerve Systems, , a wholly owned subsidiary of Infosys, has introduced its EdgeVerve Blockchain Framework at the Infosys Confluence global client summit in San Francisco.

Infosys said that it is committed to creating excellence in the blockchain technology space, adding that it has “black-belt” experts who contribute solely to this growing technology.

"Blockchain can offer significant opportunities to modernize legacy processes, reduce costs as well as improve operational efficiency and authenticity of transaction data. At EdgeVerve, we are making significant investments in this space that includes our research facility in Ireland and important financial industry partnerships. Several of the world's leading financial institutions are already collaborating with us to build blockchain powered banking applications and networks”, said Andy Dey, President - Customer & Operations, EdgeVerve.

The EdgeVerve Blockchain Framework, developed to deliver value-generating solutions and technologies based on blockchain, is a permissioned ledger that allows banks to rapidly deploy blockchain-based services for varied business areas with utmost security. It accelerates the creation of blockchain powered networks by offering a broad range of services.

“Designed specifically for the banking sector, it can scale to the levels needed to support international, cross-border transactional business. These capabilities make applications built on this framework a viable platform to run payments and other high volume transactional banking services”, the company explained.

EdgeVerve said that the framework highly extensible, asset agnostic and best suited for minimizing operating and per-transaction costs for financial services companies, while improving data openness and sharing, without compromising data integrity and security.

The company further said that it is collaborating with several of the world's leading financial institutions to build block-chain powered banking networks, products and services leveraging this framework. These include areas such as payments, trade finance, invoice processing, smart contracts, digital vaults and syndicated loans, among others.