Indian IT services giant Infosys says it is working on 50 different blockchain pilots, a clear sign that the demand for the technology is growing like never before.
According to India’s economic daily The Business Line, Infosys has deployed 500 specialists and 1,000 consultants for developing new solutions with the technology.
“Blockchain is set to disrupt almost every industry,” says Infosys, citing a study by Allied Market Research, which predicted that the market for distributed ledgers alone will reach US$5 billion over the next decade.
So far, banks and financial services firms with extensive branches have used it successfully, but Infosys says many other sectors –– including retail, governance and healthcare –– are exploring ways of leveraging this new technology.
Interestingly, most of Infosys’ pilots are in non-financial services sectors.
Blockchain is a method of recording data – a digital ledger of transactions, agreements, contracts – anything that needs to be independently recorded and verified. The technology platform gives everyone on the network access to an up-to-date version of the data
“With blockchain, you can get a dashboard in which all parties can look at the information and make decisions accordingly,” says the company’s chief of emerging technology solutions Prasad Joshi.