The Indian software major Infosys Ltd has announced its association with the Enterprise Ethereum Alliance that connects Fortune 500 enterprises, academics, start-ups, and technology vendors with Ethereum subject matter experts. All the associates in this partnership will work to drive blockchain technology among other major sectors.
The blockchain is a distributed database that maintains records in the form of blocks, which are secured from unauthorized alterations and revisions. Each block contains a timestamp and a link to a previous block. Blockchains are an open, distributed log that tracks transactions between two parties in a permanent and verifiable way. The log can be programmed to initiate transactions automatically.
The blockchain seems to be the next big thing as it is undergoing a major technology surge across multiple industries viz. insurance, pharma, retail, energy, utilities, and services sectors.
As a global leader in technology services and consulting, Infosys actively makes investments in emerging technologies and innovation-led thinking with a commitment to provide reliable value to its customers. The research, development, and prototyping of blockchain have been happening for years now and it has corroborated the long-held belief that a collective approach yields the best outcomes.
With the line up of proof-of-concept projects that Infosys has across industry sectors, particularly in financial markets, Ethereum will prove to be an extremely promising architecture for smart contracts, scalability, and network security. Applications on the Ethereum platform run as programmed sans any downtime, censorship, fraud or third party intervention. This will allow Infosys to develop robust standards and skills using this technology to its full potential.