Infosys launches blockchain-based applications for govt services, insurance domains

Infosys launches blockchain-based applications for govt services, insurance domains
Photo Credit: Reuters
19 Dec, 2019

Bengaluru-based information technology services firm Infosys has launched blockchain-based applications for government services, insurance, and supply chain management domains.

The country's second-largest software exporter said that these three apps are designed as ready-to-subscribe solutions to ensure quick deployment and interoperability across disparate systems of value chain stakeholders. The solutions will also have a wide variety of use cases involving other digital technologies like the internet of things (IoT) and analytics as well, Infosys added in a media statement.

According to Infosys, the enterprise apps are equipped with predictive return on investment (ROI) analytics, so that businesses can allocate their investment budget according to their industry-specific requirements. 

"With these solutions, enterprises can capitalise on blockchain’s benefits of trust, immutability, and transparency to develop an inter-organisational conduit for strengthening their core business processes across multiple value chain partners having disparate IT systems," Infosys said in the statement.

In the supply chain app platform, Infosys will offer solutions for several inbound and outbound logistics and distribution activities. The application can be integrated with the existing systems and IoT devices while ensuring round-the-clock transaction security between various stakeholders within a supply chain, the company said.

Meanwhile, in the app for government services, various departments can establish inter-departmental interaction, collaboration and data sharing along with network transparency as well as creating defined workflows. These will help the government organisations to fulfil the citizen-centric service requests, through a single window, Infosys said.

The blockchain solution for the insurance vertical will help the companies in the sector to handle the areas of policy administration, claims handling, multiparty negotiation, usage-based policy pricing, and parametric insurance activities better, Infosys said. It added that the solution is modular, scalable, and customisable.

While still not mainstream among the emerging technologies, blockchain is seeing increasing adoption among large enterprises to ensure authenticity and trackability.

Earlier this week, Mumbai headquartered IT services giant Tata Consultancy Services (TCS) had announced the general availability of a low-code blockchain development kit that the company claims can hasten blockchain solutions development by 40%.

Again, this week, Hyderabad-based startup VeriDoc had enabled a blockchain-based pilot project for property tax assessment certification at Thane Municipal Corporation (TMC), Maharashtra, in one of the first such projects in the country.