Renowned Indian IT firm NIIT technology has collaborated with enterprise blockchain firm R3 for the development of the financial services industry. Blockchain technology has created a special niche in the finance and banking sector which has accelerated the transformation in this vertical. This global partnership means a new innovative blockchain driven platform which will introduce solutions for the customer based services and operational majorly.
The new platform is said to be using R3’s Corda system which is operated on an open source blockchain technology. Both NIIT technologies and R3 will develop the solutions together for banking, finance, insurance, media, manufacturing and travel to name a few. NIIT will join the R3’s global network which has approximately 200 financial services firms, central banks, trade associations, technology companies and regulators working together successfully on the platform of Corda.
The amalgamation of the two big companies will lead to use the technical expertise of NIIT and utilization of blockchain services and products of Corda. The platform of Cords is designed to record, administer and coordinate contracts and data that are shared between partners in trade. This system is also capable to meet all the complex requirements of the financial services industry.
CEO of NIIT Technologies Sudhir Singh stated that the association with R3 is a milestone achieved in the technology domain. He further added that the users will be able to identify the potential and benefits of blockchain execution in the commercial market, as mentioned by Uni India.
R3 Corda Blockchain Platform Integrations
There are several financial institutions and banks that have already integrated R3 Corda blockchain within their systems. According to Cointelegraph, these systems have the expertise in streaming the global market towards syndicated loans. These are the loans in which the risk associated is higher than what the lender has underwritten. European banks like Natwest and Banco Bilbao Vizcaya Argentaria (BBVA) have already begun using this system successfully.
The transformation of the financial services industry has started but this seems just the beginning there are several more blockchain updates lying ahead on the way.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]