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17 February, 2019 21:52 IST
Ramco Systems partners with XinFin FinTech in Singapore
Source: IRIS | 14 Feb, 2018, 12.30PM
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Ramco Svstems and Singapore-based open-source blockchain developer XinFin FinTech Pte Ltd will use the latter's proprietary XDC01 distributed ledger protocol to build a new architecture based on Ramco's software solutions for the three sectors and help provide blockchain led solutions to Ramco's 500+ global enterprise clients.

Both companies will work on the hybrid blockchain solutions out of Ramco's innovation lab in Singapore. Backed by Singapore's Economic Development Board and launched in 2016, the lab focuses on disruptive applications across multiple industries.

The collaboration will lead to a set of distributed ledgers which can prevent users frorn 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.

Virender Aggarwal, GEO, Ramco Systems, (Q,N,C,F)* said, "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 APls 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."

Shares of the company gained Rs 12.65, or 2.81%, to trade at Rs 462.90. The total volume of shares traded was 2,197 at the BSE (12.20 p.m., Wednesday).



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