Services giant Cognizant, a company known for its consulting and business process outsourcing services as well as being an information technology provider has joined the Executive Committee of the Chamber of Digital Commerce (CDC).
The Chamber of Digital Commerce, a Washington D.C.-based advocacy group and trade association that promotes digital currencies and blockchain technology while working closely with policymakers and regulators has announced a new member joining the ranks of its executive committee.
As an IT consulting firm, Cognizant is already involved in various blockchain initiatives to test and explore the potential of the innovation. Notably, Cognizant is providing the blockchain that will provide Japanese banking giant Mizuho Financial Group with a secure and transparent record keeping solution.
Prasad Chintamaneni, President of global industries and consulting at Cognizant revealed that the company has already seen significant investment toward the development of enterprise-ready solutions for its clients, and will continue to do so.
Blockchain technology is poised to change the face of the banking and financial services industry, providing the opportunity to create new digital business models, streamlines business processes and modernize existing IT systems.
Chintamaneni has previously called blockchain technology as a “gamer-changer for the financial services industry.” The company’s endeavor with Mizuho will focus on a distributed ledger solution that provides a platform for document exchange, multi-party verification and signing process for Mizuho. The technology will rollout initially in Mizuho offices in Tokyo and New York.
Cognizant is also one of the founding partners of a consortium called the Smart Contracts Alliance (SCA), unveiled by CDC in July 2016. As the name suggests, the consortium will look to promote real-world applications of smart contracts as well as helping authorities and regulators, as well as business, understand smart contract technology.
Meanwhile, the Chamber of Digital Commerce recently engaged lawmakers in North Carolina to help improve the regulation of laws concerning digital currency- and blockchain-related businesses in the state. The advocacy group pushed for a new law that would add the term “virtual currency” to the existing law in a move to forego a counter-productive and labor-intensive money transmitter license.
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