Indian-based Mphasis, an IT company, has announced at its headquarters in Bangalore, an industry first Centre of Excellence (CoE) for blockchain based solutions.

According to the official release, the CoE has launched a solution framework based on blockchain in order to facilitate enterprises to quickly adopt blockchain based solutions and services. The lab will conduct research, rapid prototyping, co-creation of use cases and IP creation on blockchain among others. The blockchain CoE comes in line with Mphasis' hyper-specialization strategy​.

“Being a business transformation enabler for enterprises, we intend to take center stage in shaping global technological disruptions. Continuing our focus on innovation and technology, Mphasis Blockchain framework will revolutionize legacy practices, helps reduce costs as well as increase operational efficiency and legitimacy of transaction data," Dinesh Venugopal, President of Mphasis Digital and Strategic Customers said.

The blockchain CoE will at first develop solutions on private blockchain for Mortgage, Insurance and Payment industries. The company’s private blockchain connects to bitcoin networks and is immensely scalable to store millions of records on shared ledgers that can be traced easily and quickly.

"We strongly believe that the Blockchain technology will disrupt business flows and processes across different industries,” Gopinathan Padmanabhan, Chief Innovation Officer and President of Global Delivery, Mphasis said. “Private blockchains are likely to be more acceptable and adopted by financial institutions in the initial adoption stages for their internal processes and Mphasis' solutions in this area will help accelerate the adoption of Blockchain technology by our customers."

Mphasis' blockchain framework brings together data and routing layer, applications, and enablers to interface with public blockchain. The data and routing layer are designed in order to assist organizations to publish millions of cryptographic proofs on blockchains, while enablers help in accelerating the process of deploying various solutions.

Nitin Narkhede, Vice President and Head of Service Innovation will head the company’s Centre of Excellence for blockchain technologies.

Formed in June 2000, Mphasis is a leading IT solutions provider that offers applications, Business Process Outsourcing (BPO) and infrastructure services globally through a combination of technology know-how, domain and process expertise. The company was formed after the merger of the US-based IT consulting company Mphasis Corporation and the Indian IT services company BFL Software Limited.