Ramco Systems and XinFin to develop hybrid blockchain solutions in Singapore

Ramco Systems and Xinfin will join forces in Singapore to build breakthrough hybrid Blockchain solutions that combine features of public and private networks to provide secure and rapid transactions for the aviation, logistics and human resources industries. Singapore-based open-source Blockchain developer XinFin FinTech will use Ramco’s proprietary XDC01 distributed ledger protocol to build a new architecture based on Ramco’s software solutions for the three sectors and help provide Blockchain-led solutions to Ramco’s global enterprise clients.

Both companies will work on the hybrid Blockchain solutions out of Ramco’s innovation lab in Singapore. Backed by Singapore’s Economic Development Board and launched in 2016, the lab focusses on disruptive applications across multiple industries.

The open architecture also allows interoperability with commonly used Blockchain networks. Xinfin’s XDC01 protocol uses the best features of public Blockchains and private networks and can also settle transactions in real time with existing laws of the land and payment rails.

These ledgers record digital assets’ movements among different parties. Transaction data is time-stamped and freely accessible but cannot be modified or deleted, ensuring transparency and security. By decentralizing the ledger, trust among counterparties is increased, facilitating faster and more secure transactions.

Virender Aggarwal, CEO, Ramco Systems, said, “At our innovation lab in Singapore, we focus on building prototype use-cases to solve real-life business problems. From HoloLens to bots and face APIs to blockchain, we have been investing in next-gen technologies that will redefine the way enterprise applications are used. Our partnership with XinFin will be the key to realizing the full potential of Blockchain technology in logistics, HR and aviation.”

Sameer Dharap, Vice-President – Blockchain Applications, XinFin, said, “We are very excited to partner with Ramco Systems and expand our global client list. We look forward to working together and assisting Ramco’s enterprise clients to improve their business process efficiency using Blockchain solutions. Hybrid Blockchain, powered by underlying XDC01 protocol, maintains data on sensitive financial transactions in the private state on the same Blockchain, while a digital asset-based settlement is also supported in a compliant jurisdiction through regulated financial institutions. Owing to its scalable, secure and smart contracting capability, it makes the most appropriate fit for Ramco’s requirements.”