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.

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

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