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NIIT Technologies Partners With R3 to Build Solutions on Corda Platform

Posted On: 2018-11-15 17:04:23

NIIT Technologies Ltd. a leading global IT solutions organization, today announced a global partnership with enterprise blockchain software firm R3 to develop innovative solutions for Banking and Financial Services, Insurance and Travel and Transportation verticals on R3's Corda, an open-source blockchain platform.

As a part of the partnership, both the organizations will jointly develop solutions that combine the domain expertise of NIIT Technologies and leverage R3's Corda platform and pursue customer opportunities.

Sudhir Singh, CEO, NIIT Technologies stated, "Our partnership with R3 is yet another milestone in strengthening our capabilities in the emerging technologies space. 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".

David E. Rutter, CEO of R3, "NIIT Technologies is a global leader in bringing the latest cutting edge technologies, from cloud computing to artificial intelligence, to enterprises across a wide range of sectors. This makes NIIT Technologies a perfect partner for R3, with our focus on developing blockchain technology tailored to the demands of enterprise. Corda will enable NIIT Technologies to exchange data securely and efficiently, developing new solutions to meet the evolving needs of its global client base".

Corda is the world's only 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 Corda 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.

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. NIIT Technologies had recently also launched Chain-m, a Blockchain application which enables airlines and partners to quickly reconcile the transactions through smart contracts built on Chaincode.

Shares of NIIT TECHNOLOGIES LTD. was last trading in BSE at Rs.1147.75 as compared to the previous close of Rs. 1145.3. The total number of shares traded during the day was 40059 in over 1780 trades.

The stock hit an intraday high of Rs. 1167.4 and intraday low of 1132.55. The net turnover during the day was Rs. 46167124.


Source: Equity Bulls

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