Blockchain technology continues to gain more traction in the financial world. Synechron Inc, a company focusing on global financial and technology services consulting, launched their Blockchain Accelerator Program. A total of six different cloud-based blockchain apps has been released already.
It is always positive to see more companies pay attention to blockchain technology. If they develop new tools and applications using this technology, that makes things even more interesting. Synechron’s cloud-based apps will let financial services firm get up and running within a sandboxed environment.
While there are a lot of companies looking to integrate blockchain technology already, the process can be time-consuming. Synechron offers a solution that will take a few weeks to set up. Through their Accelerator Program, they can cater to a wide range of companies. Moreover, financial institutions can customize blockchain applications to suit their needs.
This technology can make an impact across many different industries moving forward. Synechron is focusing on six areas to start with, ranging from global payments to insurance claims, and KYC to mortgage financing and processing. All of these individual financial industries need more transparency and interoperability, which is exactly what the blockchain provides.
Synechron CEO Faisal Husain explained it as follows:
“We believe in blockchain’s transformative potential for the financial services industry. By collaborating with our clients we have developed blockchain applications that solve real-world problems. These Blockchain Accelerators provide working code enabling our clients to experiment with and refine their blockchain strategies. In the race to deploy the technology, this program offers them the ability to gain a first-mover advantage.”
All of these different applications can be accessed through a cloud environment. Clients will be given access to working modular code and a sandboxed environment reducing the necessary development time to a minimum. Various blockchains are being used, including Ethereum, Ripple, Eris, and HyperLedger.
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