Global enterprise software specialist Ramco Systems and Singapore-based open-source blockchain developer XinFin FinTech Pte Ltd. will join forces to build a breakthrough hybrid blockchain solution.
Combining features of public and private networks to provide secure and rapid transactions for the aviation, logistics and human resources industries, the two companies will use XinFin's proprietary XDC01 distributed ledger protocol to build a new architecture based on Ramco's software solutions.
Both companies will work on the hybrid blockchain solutions out of Ramco's innovation lab in Singapore.
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 the fast-growing blockchain industry.
The new architecture will also reduce congestion of blockchain networks which inhibit security, speed and scalability.
"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 realizing the full potential of blockchain technology in logistics, HR and aviation," said CEO, Ramco Systems, Virender Aggarwal.
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"We are very excited to partner with Ramco Systems and expand our global client list. We look forward to working together and assisting Ramco's enterprise clients to improve their business process efficiency using blockchain solutions," said VP Blockchain Applications at XinFin, Sameer Dharap.
"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," Dharap added.
Beyond enterprise cloud adoption, blockchain is the next technological wave that can disrupt industries.
A mechanic on the tarmac can use blockchain-based maintenance logs to track the entire life cycle of an aircraft engine, authenticate replacement parts or check age and air miles logged without having to check with other parties or trawl through records.
Such productivity gains can be multiplied across industries once the element of trust is captured electronically.