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Finyear, France: Cognizant’s President of Banking and Financial Services Says Blockchain Offers a Single Source of Truth for Financial and Non-Financial Transactions

“Blockchain, maintained by a network of distributed independent communicating devices, offers a single source of truth for financial and non-financial transactions without any trusted central authority,” explains Chintamaneni Prasad. “It holds significant promise in helping financial services organizations minimize counterparty risks, speed up settlements, improve contractual performance, and enhance regulatory reporting.”

He adds, “The technology is continuously evolving and various combinations of platforms, programs and protocols are at play today. At Cognizant, we are making focused investments to strengthen our blockchain capabilities, develop innovative digital frameworks and building blocks to harness distributed ledgers, and build a world-class alliance ecosystem. We are collaborating with some of the world’s leading financial services organizations to help them embrace blockchain technology.”

Prasad says, “We are going beyond cryptocurrencies into newer areas such as smart contracts and P2P transactions. With the help of our Cognizant Digital Works practice, which brings together digital strategy, deep industry knowledge, experiential design and foundational technology expertise to help clients reimagine, design, build and run digital business solutions, we have developed several blockchain and cryptocurrency accelerators in the areas of P2P payments, asset trading, document storage, identity management, and lending, merchant and other financial transactions.”

Referring to Cognizant’s deal with Mizuho Financial Group to develop a blockchain solution, Prasad says, “Financial services and other organizations often have difficulty in ensuring execution against the most recent versions of documents and in verifying the authenticity of those documents. With blockchain’s decentralized document verification, they can easily share verified documents with third-party requestors, and speed up verification by multiple parties.”

As part of the deal, Cognizant will bring together its extensive financial services, consulting and digital technology expertise to design and develop a blockchain solution for secure record-keeping of documents among Mizuho Financial Group companies. “The solution,” says Prasad, “will allow Mizuho Financial Group’s group companies to exchange and sign sensitive documents in a secure and transparent manner. This will enable more robust record management, and faster, more efficient processing and multi-party verification of documents. The engagement will help with encryption and sharing of documents, information and records using blockchain, and pave the way for increased adoption of blockchain technology at Mizuho Financial Group.”

Click here to read more in French.