IT consulting giant Infosys believes that estimates for how long it will take blockchain technology to achieve mainstream adoption are greatly exaggerated. According to Infosys principal technology architect Peter Loop, work on blockchain applications will benefit from an accelerating pace of overall tech adoption that will soon put pressure on existing legacy financial solutions.
"It’s not 10 years away. It’s years or less away. The way the pace of technology works, the way continuous integration works, these things will be integrated pretty quickly once it happens," Loop said in a new interview.
The comments come amid increased competition among major consulting and audit firms for market share in the blockchain space. In addition to Infosys, Deloitte , IBM , PwC and KPMG have all recently sought to position themselves in the developing market.
For its part, Loop said Infosys is now working with clients to build proofs-of-concept (PoCs) and identify business use cases.
Loop told CoinDesk: "We have a discussion group [on blockchain]… I think this is an area that is ripe for a lot of innovation." Elsewhere, Loop was optimistic about other use cases, including syndicated loans and supply chain, stating that they would "allow for some interesting scenarios".
Based in Bangalore, India, Infosys boasts 193,000 employees and $8.7bn in revenues, according to its 2014-2015 annual report. Loop said the company is focusing on blockchain amid a desire to both identify new product lines and improve existing offerings.
Of note is how Infosys could bolster offerings such as Finacle , a product for banking, payments and treasury that aims to reduce software spending at financial institutions by consolidating global services.
Both products, Loop said, are a key part of Infosys’s strategy, as is what he described as its expansive client base in financial services."Infosys is not just a consulting group, we’re also a product group, […]
