Ramco Systems, XinFin to jointly develop hybrid blockchain solution
The combine features of public and private networks will provide secure and rapid transactions for the aviation, logistics and human resources industries.
Global enterprise software specialist Ramco Systems and Singapore-based open-source blockchain developer XinFin FinTech will join hands to build a hybrid blockchain solution.
The combine features of public and private networks will provide secure and rapid transactions for the aviation, logistics and human resources industries.
Both the companies will work on the hybrid blockchain solutions out of Ramco’s innovation lab in Singapore. Backed by Singapore’s Economic Development Board, launched in 2016, the lab focuses on disruptive applications across multiple industries.
The collaboration will lead to a set of distributed ledgers which can prevent users from sending tokens to incompatible networks or non-existent addresses – a current problem facing by the fast-growing blockchain industry. The new architecture will also reduce congestion of blockchain networks which inhibit security, speed and scalability, Ramco Systems said in a statement.
The open architecture also allows inter-operability with commonly used blockchain networks. Xinfin’s XDC01 protocol uses the best features of public blockchains and private networks and can also settle transactions in real time with existing laws of the land and payment rails.
XinFin and Ramco’s partnership is taking place in Singapore, an international financial centre which is placing a high emphasis on FinTech amid rising global interest in distributed blockchain ledgers.
Virender Aggarwal, CEO, Ramco Systems, said, “At our innovation lab in Singapore, we focus on building prototype use cases to solve real-life business problems. From HoloLens to bots and face APIs to blockchain, we have been investing in next-gen technologies that will redefine the way enterprise applications are used. Our partnership with XinFin will be key to realising the full potential of blockchain technology in logistics, HR and aviation.”
Sameer Dharap, VP Blockchain Applications at XinFin, said, “We look forward to working together and assisting Ramco’s enterprise clients to improve their business process efficiency using blockchain solutions.”
“Hybrid blockchain, powered by underlying XDC01 protocol, maintains data on sensitive financial transactions in the private state on the same blockchain, while a digital asset-based settlement is also supported in a compliant jurisdiction through regulated financial institutions. Owing to its scalable, secure and smart contracting capability, it makes the most appropriate fit for Ramco’s requirements.”
Ramesh Sivasubramanian, head AFKLM Ramco EDB Innovation Lab, said, “Blockchain provides the ability to trace the entire chain of movement and changes to each individual item throughout its lifetime. It increases trust and fights fraud by verifying product authenticity, reducing human error and improving capacity utilisation while eliminating middlemen in the system. Through our association with XinFin, we will work towards building many such Blockchain use cases to address business pain points.”
Ramco Systems' share today rose 3.75% on the BSE.