EdgeVerve Systems has introduced its EdgeVerve Blockchain Framework designed to further the adoption of blockchain technology by the global financial services sector. The framework, introduced at the Infosys Confluence global client summit in San Francisco, has been developed to deliver value-generating solutions and technologies based on blockchain. The EdgeVerve Blockchain Framework is a permissioned ledger that allows banks to rapidly deploy blockchain-based services for varied business areas, EdgeVerve said in press release. 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. Blockchain-based applications, built on this framework, can deliver increased efficiencies, transactional security and accuracy at a lower cost than the existing high-cost ledger platforms that underpin the global banking systems, the company said. EdgeVerve customer & operations president Andy Dey said blockchain can offer significant opportunities to modernize legacy processes, reduce costs as well as improve operational efficiency and authenticity of transaction data. EdgeVerve is 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, he said.
