Blockchain Center of Excellence

Establishing a Blockchain Center of Excellence (COE) to define use cases that can solve real financial services business challenges.

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Expertise

Industry Solutions and Engineering

Platforms

  • Ethereum, Quorum, Corda, Fabric and more
  • Building networks in Financial Services Blockchain Ecosystem
  • UI/UX Design
  • Strategic Project Mapping and Industry Partnerships

Highlights

  • Blockchain Application Development
  • Business Consulting and Product Design
  • Developed 6 Blockchain Accelerators
  • Dedicated Team of 100+ Experts

Overview

Our Blockchain COE was founded in 2016 when privacy models and smart contracts created opportunities for financial services applications. We compiled a cross-functional team to develop  proof of concepts across the leading open source blockchain platforms. A team of Business Analysts identified problems facing the industry and ideated on network solutions enabled by the technology advancements of blockchain.

To expand its presence within the blockchain ecosystem, the COE established strategic partnerships with the Enterprise Ethereum Alliance as a member of the Banking Working Group and led their Architecture sub-working group, the Microsoft Azure Blockchain Council, and partnered with R3 on the largest, global KYC project in the world.

Our Process

The objective was to establish early industry leadership in Blockchain through demonstrating functional and technical engineering innovation, to deliver commercial success and impact the industry.

Workshop

Synechron pivoted from lab-driven development to client-driven pilots, advising clients on how to run parallel production for a seamless future transition to blockchain. We ran blockchain training programs and worked with clients to set up their own blockchain COEs.

Discovery

The project took learnings from Synechron’s Industry KYC Utility Accelerator. We modified the application architecture to build a GDPR compliant self-sovereign KYC use case. This required significant advisory for consensus building and governance amongst the 15 banks in the consortium.

Agile Development

The team consisted of 100+ Blockchain specialists, 12+ global financial and insurance projects across platforms, a 15 bank KYC consortium project, and a continuous influx of new use cases and technology design ideas.

On-going Development & Support

We expanded from a 30-person team to 100+ dedicated business consultants, technologists, and digital experts. Synechron has since advised clients on project scoping and building business cases with a high probability of entering production.

Technology

Blockchain

  • Corda
  • Quorum
  • Fabric

Smart Contract Language

  • Solidity
  • Java
  • Kotlin

Front-End

  • HTML5
  • Angular
  • Vue.js

The COE has proven that a long-term approach and depth of knowledge derives results. Our expertise has expanded to cover insurance claims. mortgage financing, trade finance, payments, and margin calls. Given the success of the program, Synechron has received 7 awards and accolades so far.

As financial institutions and FinTech's move their blockchain projects from innovation labs to lines of business, they require a seamless integration between their preferred ledger stack and infrastructure, and a robust set of platform components and tooling to develop, manage, and optimize blockchain applications. With R3 and Synechron, we have both the technology and industry expertise to help our banking sector accelerate blockchain projects aimed at solving shared business problems.

Principal, Azure Blockchain Engineering

Microsoft

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