Indian IT firm NIIT Technologies teams up with R3 to tap Corda blockchain platform

Indian IT company NIIT Technologies has announced its partnership with enterprise software firm R3 to develop blockchain-based solutions for Banking and Financial Services, Insurance and Travel and Transportation.

The announcement comes amid ongoing blockchain push at NIIT Technologies. In September, the company a new blockchain-based solution, called “Chain-m,” for airlines and its partners.

With this partnership, NIIT Technologies has joined R3's global network of more than 200 of the world's largest financial services firms, technology companies, central banks, regulators, and trade associations working together on Corda, R3’s open-source blockchain platform.

Under the partnership, the companies will co-develop solutions that combine the domain expertise of NIIT Technologies and leverage Corda platform and pursue customer opportunities.

“Our partnership with R3 is yet another milestone in strengthening our capabilities in the emerging technologies space,” Sudhir Singh, CEO, NIIT Technologies said. “Through these solutions, our customers will be able to realize the full potential of blockchain and drive transformation in their businesses - executing complex logic to exchange of assets directly, simply and in strict privacy, without the need for costly reconciliation."

Corda is an enterprise blockchain platform designed to record, manage and synchronize contracts and other shared data between trading partners and to meet the complex requirements of the world's largest financial institutions. As the platform was designed to meet the highest standards of the financial services industry, one of the most complex and highly regulated industries in the world, it can also be applied seamlessly to all other areas of commerce.

“Corda will enable NIIT Technologies to exchange data securely and efficiently, developing new solutions to meet the evolving needs of its global client base,” David E. Rutter, CEO of R3, said.