On May 22, at Consensus 2017 in New York, global financial consulting services and technology services provider Synechron announced the availability of demo versions of three blockchain accelerator apps on Microsoft Azure.
Co-founder and CEO of Synechron Faisal Husain spoke of the gravity of the company’s work in the application development space.
"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."
Now hosting a live demo from May 22-24 at Consensus 2017, Synechron said accelerators will explore industry use cases, including "Trade Finance, KYC, Margin Call Management, Insurance Claims Processing, Mortgage Financing & Processing, and Global Payments."
The Blockchain Accelerator for Insurance Claims processing will use the Ethereum blockchain and will engage executable distributed code contracts (EDCCs) to auto-execute insurance claims by utilizing an authoritative data feed. It will reduce the risk and fraud associated with claims while decreasing the price of processing.
Corda will power the Blockchain Accelerator for Smart Margin Calls. EDCCs will monitor and determine which trades to make for portfolio management. The code will track and validate margin payments, provide increased efficiency, automate settlements, and enhance accuracy. These innovations should reduce the cost of margin trading.
Making use of Quorum, the Blockchain Accelerator for Trade Finance will generate digital versions of transactions, and EDCCs to eliminate fraud associated with "double spend" (accidentally paying for something twice) and increase overall efficiency. According to Synechron, the accelerators can be deployed by anyone with an Azure subscription, enabling a "cloud-based deployment model with enterprise security in mind."
Principal Architect for Azure Blockchain Marley Gray 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."