A subsidiary of Indian IT giant Infosys is pushing ahead with its plans for blockchain in a bid to create new revenue streams.
In a filing submitted earlier this month to the US Securities and Exchange Commission, which detailed an earnings call from July 14, Infosys detailed work on blockchain being conducted by its EdgeVerve Systems subsidiary. EdgeVerve first unveiled its plans for the tech in April 2016, after it revealed the launch of a blockchain services platform focused on international remittances.
Now, EdgeVerve is expanding past that initial use case, looking to integrate the tech into a global sales platform it operates. The company is in the process of incorporating blockchain into TradeEdge, first launched in 2013.
"Our TradeEdge network now with more than 2,000 partners, processes approximately 3 billion transactions per month. We are now integrating our blockchain network with this TradeEdge network to open significant monetization opportunities for clients," the company said in the SEC filing.
What that integration will look like remains to be seen. But in a recent interview with Quartz, EdgeVerve associate VP Rajashekara Maiya highlighted security as one of its major draws.
"Using blockchain makes transactions secure, unhackable, and transparent. It takes out the middleman, provides real-time online transactions, and data is safe," Maiya told the publication.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.