Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Synechron announces demo availability of three blockchain accelerators on Microsoft Azure

Synechron Inc., a New York-based financial services consulting and technology services provider, has announced the general demo availability of a select group of its blockchain accelerator applications on Microsoft Azure.

The Accelerators are industry-leading and award-winning applications focusing on six industry use cases including trade finance, KYC, margin call management, insurance claims processing, mortgage financing & processing, and global payments. These solutions extend leading ledger platforms including Ethereum, Quorum, Hyperledger's Fabric, Corda, and Ripple, the release said.

Synechron, working together with the Microsoft Azure Blockchain team, is launching these three new Blockchain Accelerators on the Azure Marketplace:

  • The Blockchain Accelerator for Trade Finance now available on Quorum: It creates digital versions of transactions, generates smart contracts, centralises underlying collateral information on a distributed ledger across a private network to increase efficiency, eliminates "double spend" fraud, enhances data quality, and reduces settlement time.
  • The Blockchain Accelerator for Insurance Claims Processing on Ethereum: It uses smart contracts, enables auto-execution of insurance claims and payments on an authoritative data feed for reduced risk and fraud and decreased processing costs.
  • The Blockchain Accelerator for Smart Margin Calls now available on Corda: It uses smart contracts to determine the valuation of the trade portfolio, handles margin calls and initiates track and validates margin payments for increased efficiency, automated settlements, enhanced accuracy and significant cost-reduction.

With this, Synechron's Trade Finance Accelerator becomes one of the first publicly viewable application to use the Quorum platform, demonstrating its Constellation and Enclave functionality for bank-driven requirements.

"Microsoft is building an open, ecosystem-driven platform for blockchain app development. Through partners like Synechron, we're empowering businesses to accelerate their own blockchain initiatives. We're excited to offer these three Accelerators, which show customers what blockchain applications could potentially look like”, Marley Gray, Principal Architect for Azure Blockchain said.

Synechron said that its Blockchain Accelerators can be rapidly deployed into the Microsoft cloud by anyone with an Azure subscription, making it easy for clients to choose a cloud-based deployment model with enterprise security in mind.

"Developing innovative, real-world solutions drives everything we do, so being the first company to share working blockchain applications on Azure is incredibly significant for us. This week, users will be able to see how a blockchain really works and experience the different functionalities available across platforms. We have no doubt that this will help stimulate further interest in the potential of blockchain, enabling financial services firms to accelerate their blockchain initiatives”, Faisal Husain, Synechron CEO, said.

The Accelerators will be available on Azure the week of May 22 and are currently available for a live demo at Consensus 2017 in New York, May 22-24.

By Shampa Mani
  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.