Infosys rises after US subsidiary launches blockchain network in California

WazirX Referral Program Refer and earn 50% commission of every trade. Be your own Boss! Buy & sell Crypto in minutes Join the world's largest crypto exchange Register at Binance

Infosys rises after US subsidiary launches blockchain network in California



Infosys rose 1.86% to Rs 1,578.55 after Infosys Public Services, a US-based arm of the IT major, finished the pilot of a blockchain solution designed to improve the efficiency, access and security of vital recordkeeping in Riverside County (USA).

The blockchain network enables county employees to manage data effectively and securely, while easing access and lowering cost of operations. The pilot blockchain network, developed in collaboration with Amazon Web Services, Inc. (AWS) using Amazon Managed Blockchain, modernizes the once paper-centric operations of the Riverside County Assessor-County Clerk-Recorder Office. The introduction of blockchain technology enables the Office to store, recreate, and retrieve verifiable digital records, reducing the need for physical storage. The solution will also provide citizens more timely and accurate access to their records.





Eric Paternoster, the chief executive officer (CEO) of Infosys Public Services (IPS), stated: “Blockchain technology presents a new opportunity for governments to advance their digital agenda and leapfrog into the next era of secure, citizen-centered services. We are excited about this project with Riverside County Assessor-County Clerk-Recorder Office and appreciate the opportunity to demonstrate how blockchain can enable the county to become more digital, connected, and secure.”

The announcement was made post trading hours on Tuesday, 20 July 2021. The markets were closed on Wednesday, 21 July 2021 on account of Eid al-Adha.

Meanwhile, Infosys Finacle, a part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys and Santander UK, on Wednesday, intimated that the roll out of Santander UK’s international cash management platform as part of the bank’s ongoing digital transformation programme.

Santander Global Connect, is a brand-new cash management platform designed to support the international growth plans for its corporate and commercial customers. The first release of the platform, which is currently in pilot, provides customers with access to view liquidity held globally. Subsequent releases will enable self-service digital capabilities to manage, control, and mitigate cash and business risk, all from a single portal.

Infosys’ consolidated net profit grew 2.3% to Rs 5,195 crore on 6% increase in revenue to Rs 27,896 crore in Q1 June 2021 over Q4 March 2021.

Infosys is a global leader in next-generation digital services and consulting.

Powered by Capital Market – Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

Register at Binance