VirtusaPolaris, a leading worldwide provider of information technology (IT) consulting and outsourcing services, has set up ‘Blockchain Exploration Center’ to carry out research and highlights of the distributed ledger technology.

The company’s blockchain efforts have been recognized by analyst company HfS Research in its blueprint report for emerging blockchain services in Banking, Financial Services and Insurance (BFSI).

According to the release, VirtusaPolaris has developed leading blockchain capabilities in its financial services practice that focus within its Fintech Lab. It includes developing solutions like over-the-counter (OTC) derivatives, remittances, cash management, payments sandbox, and blockchain sandbox.

HfS Research in the blueprint report mentioned VirtusaPolaris’s blockchain strengths in areas including working on projects to migrate from Proof of Concepts (PoCs) to production environments for clients that will give each party intellectual property (IP) and working on a library to extract blockchain tokens, naming service, messaging, among others.

“This recognition is evidence of our continued dedication to providing our clients with the technologies they need to be at the forefront of innovation and increase productivity by utilizing blockchain’s distributed database,” Samir Dhir, president of Banking & Financial Services at VirtusaPolaris, said.

The blueprint report finds relevant differentials between service providers across various facets under two main categories: innovation and execution. The ratings are based on responses from a broad range of stakeholders with specific weightings based on 1,355 crowdsourced.

VirtusaPolaris’s Blockchain Exploration Center is a part of its Fintech Lab and provides an environment in the cloud with built-in sandboxes and a banking data model for customers to quickly run experiments and turn ideas into MVPs. The company has partnered with various technology firms including Signix, Token.io, Chain.com, and Coins.ph for its blockchain-related solution offerings.

“VirtusaPolaris is moving forward in its exploration of blockchain on both the innovation and the execution aspects,” said Christine Ferrusi Ross, research vice president, Strategy, and Product Development. “The firm’s Fintech-focused blockchain solutions look at specific client pain points like OTC derivatives and cash management, among others. The company marries that business view with technical aspects like the library it’s building for extracting blockchain tokens using wallet keys and for messaging.”