Synechron Inc., the global financial services consulting and technology services provider, has today announced that demo versions of a select group of its blockchain accelerator applications will be made available on Microsoft Azure. These include the Blockchain Accelerator for Trade Finance now available on Quorum, the Blockchain Accelerator for Insurance Claims Processing on Ethereum, and the Blockchain Accelerator for Smart Margin Calls now available on Corda. This makes Synechron’s Trade Finance Accelerator one of the first publicly viewable application to use the Quorum platform, demonstrating its Constellation and Enclave functionality for bank-driven requirements. These Accelerators will be available on Azure the week of May 22 and are currently available for a live demo at Consensus 2017 in New York, May 22-24.
Synechron, working in conjunction with the Microsoft Azure Blockchain team, are pleased to announce the general demo availability of three new Blockchain Accelerators on the Azure Marketplace. The Accelerators are industry-leading and award-winning applications that focus on six industry use cases: Trade Finance, KYC, Margin Call Management, Insurance Claims Processing, Mortgage Financing & Processing, and Global Payments. These solutions extend leading ledger platforms including Ethereum, Quorum, Hyperledger’s Fabric, Corda, and Ripple. Synechron’s Blockchain Accelerators can be rapidly deployed into the Microsoft cloud by anyone with an Azure subscription, making it easy for clients to choose a cloud-based deployment model with enterprise security in mind.
Marley Gray, Principal Architect for Azure Blockchain said, “Microsoft is building an open, ecosystem-driven platform for blockchain app development. Through partners like Synechron, we’re empowering businesses to accelerate their own blockchain initiatives. We’re excited to offer these three Accelerators, which show customers what blockchain applications could potentially look like.”
Faisal Husain, Synechron CEO, said: “Developing innovative, real-world solutions drives everything we do, so being the first company to share working blockchain applications on Azure is incredibly significant for us. This week, users will be able to see how a blockchain really works and experience the different functionalities available across platforms. We have no doubt that this will help stimulate further interest in the potential of blockchain, enabling financial services firms to accelerate their blockchain initiatives.”
More information these three blockchain applications from Synechron can be found below:
- Blockchain Accelerator for Trade Finance– creates digital versions of transactions, generates smart contracts, centralises underlying collateral information on a distributed ledger across a private network to increase efficiency, eliminates “double spend” fraud, enhances data quality and reduces settlement time.
- Blockchain Accelerator for Smart Margin Calls– uses smart contracts to determine the valuation of the trade portfolio, handles margin calls and initiates track and validates margin payments for increased efficiency, automated settlements, enhanced accuracy and significant cost-reduction.
- Blockchain Accelerator for Insurance Claims Processing – uses smart contracts, enables auto-execution of insurance claims and payments on an authoritative data feed for reduced risk and fraud and decreased processing costs.