Synechron, Inc., a global consulting and technology services provider specializing in the financial services market, announced in a press release sent to CoinReport a blockchain collaboration with ConsenSys, a global venture production studio and custom software consultancy, and BlockApps, a prominent enterprise blockchain platform employing Ethereum technology.
The next generation blockchain infrastructures and applications will be first accessed by shared clients to solve issues such as scalability for market data applications, native data privacy on private blockchain and pivotal interoperability across Ethereum and complementary technologies – which have been some of the biggest obstacles to blockchain adoption in financial services.
With this collaboration, global financial institutions will get a team of financial services experts and blockchain architects to speed up their app development enterprises. BlockApps and ConsenSys will also gain access to Synechron’s front-end UX and CX design experts, blockchain developers for hire and 6000-person international team of specialized financial services consultants. Clients will be able to develop and rapidly scale production-ready blockchain applications because of that, said the news release.
Synechron co-founder and CEO Faisal Husain said in an email to CoinReport, “As a consulting firm with strong digital and technology capabilities, we have invested heavily in our Blockchain team, which now includes 50 subject matter and technology experts across New York, London, Amsterdam and Bangalore.”
“We believe our partnership with ConsenSys and BlockApps is significant because we have gone to the source of key Blockchain technologies to get the deepest technical expertise and training in the technology as it evolves. Conversely, we are advising ConsenSys on the technology challenges facing financial services, issues like privacy, interoperability and scalability, and will be able to help their clients advance and scale their Blockchain initiatives. In addition to our six Blockchain accelerators and pilot with Dun & Bradstreet, this partnership will allow us to explore new use cases and continue to expand the depth of our Blockchain expertise.”
It should be noted here that Synechron launched a blockchain accelerator program late last month, with the program including the company’s first six modular applications for insurance claims processing, trade finance, payments, KYC utilities, mortgage finance & processing and smart margins. The accelerators, said the release, distinctively provide working code that financial organizations can directly plug into to fast-track their blockchain development drives and be operational in a matter of weeks.
According to Bitcoin Magazine, the partnership with BlockApps and ConsenSys will boost Synechron’s blockchain accelerator program.
The collaboration, said the press release we received, presents an opportunity for development which could include accelerators associated with total return swaps, tokenized fiat currencies, call spreads, bond issuance, syndicated loans and tokenized securities.
Moreover, Synechron will get access to ConsenSys’ Ethereum ecosystem and blockchain application development toolkits to achieve unmatched technical depth in development initiatives. Synechron will be adding more depth to its already robust consulting and blockchain application development capabilities by utilizing BlockApps’ STRATO blockchain infrastructure product.
Husain said in the press release, “While blockchain has the potential to be a transformative technology, financial institutions need highly-customized applications that take into consideration their business operations and unique technical requirements.”
“We’re delighted to be working with ConsenSys and BlockApps to collaborate with them on the next generation of blockchain infrastructure financial institutions will need to progress blockchain adoption. As those changes are made, Synechron will be the first to implement them and make them ready for financial services to accelerate adoption across banks.”
Victor Wong, co-founder and CEO of BlockApps, stated, “BlockApps continues to deploy within enterprises throughout the world, and we’ve found Synechron to be an ideal partner to help scale and further increase education and adoption of our customizable product. Synechron is a driving force in the financial services technology space, and their understanding of and commitment to Ethereum blockchain solutions continue to show their commitment to bleeding-edge technology.”
ConsenSys founder and CEO Joseph Lubin remarked, “ConsenSys is advising providers and financial services firms on how to evolve the technologies to address evolutionary issues like scalability, interoperability and data privacy. Synechron will allow us to amplify the speed of adoption of these new technology capabilities as they are introduced to blockchain infrastructures so that their clients are working on the absolute latest blockchain infrastructures. In addition to this bandwidth extension, Synechron’s specialized financial services knowledge has already been a valuable feedback loop so that we are setting our agenda to prioritize how to evolve the technology to the unique needs of the financial services industry.”
Images courtesy of Synechron via communications agency Vested