With new technologies come newer challenges and advancements. But blockchain is special in terms of its malleability across industries from music (Eg: Peertracks) to decentralized voting (Eg: Voatz). Last eighteen months has been a gold rush in this space with fintechs making a mark with innovative models & disruptive ideas. 75% of the existing blockchain startups being established in last two years alone is one good measure to prove it. Though financial services occupy only 28% of the existing blockchain market space, 45% of the overall blockchain investments going into it presents the growth picture of blockchain in financial landscape.
While the definition of a blockchain is open to various interpretations we at VirtusaPolaris have eliminated or reduce the role of alternate currencies to focus on the use of underlying technologies for process improvement purposes. Realizing the potential a ‘Blockchain Exploration Center’ has been established to carry out research the highlights of which have been listed in subsequent sections.
VirtusaPolaris - Blockchain Exploration Center [VP – BEC]
We believe in innovation through experimentation. Leveraging the sandbox & lab environment substantial research has been initiated in our Blockchain CoE to redefine BFS space. Key research areas are as follows
- Extending distributed ledgers to simplify the long standing complexity in Insurance brokerage industry (Stage of research – Design)
- Working together with fellow early adopters in the industry to address the unsolved challenges of blockchain technology (Research announcement by December’16)
- Research area 1: Homomorphic encryption
- Research area 2: Lightning networks
- Developing a universal ledger mixing distributed ledgers with machines thereby creating a global communication network of devices (Stage of research – Development)
VirtusaPolaris - Blockchain sandbox:
For a frictionless experimentation experience and unleash the power of blockchain technology we have developed a sandbox environment for incumbents to invent and geeks to re-invent!
- Automated configuration
- Platforms of choice (Ethereum, Hyperledger, Chain etc.)
- Explorer & audit control
- Wide range of APIs
- Solution templates for quick prototyping
- Implementation guides
- Solution design support
Assets created at BEC till date
1. OTC derivatives (Interest rate swaps)
Bringing together the custodians and traders onto one ledger platform using smart contracts thereby automating the interest swap business. A pure play innovation that can profoundly change the derivatives industry.
2. Cash management using blockchain
A disruptive platform designed to facilitate cash management, a long standing problem in corporate banking. Giving corporates a seamless & secure experience for cross border cash payments integrating with iWatch and backed by bitcoins.
3. Asset financing using blockchain & IoT
Revolutionizing the future of lending industry with amalgamation of three disruptive forces blockchain, machine learning & IoT. Developed a working marketplace model where banks, private investors and customers interact, monitor & grant loans at real time.4. Trade finance processing
Three areas of trade finance namely Escrow payments, Processing & Document store have been identified as potential use cases for blockchain. Fuelled by Smart contracts to mediate payments, goods delivery, shipment updates etc. an industry grade solution has been crafted for modern day trade financing.