Establishing a Blockchain Center of Excellence (COE) to define use cases that can solve real financial services business challenges.
Interested in working on a project like this?
Industry Solutions and Engineering
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.
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.
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.
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.
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.
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.
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.