Currently, the company already has 400 engineers at the technology lab it opened in Bengaluru and expects to scale it up to 1,000.
Blockchain is essentially a distributed database used to make secure transactions that is currently being used by cryptocurrencies, including Bitcoin and Ripple, and helps in authenticating transactions. Blockchain technologies could cut banks’ infrastructural costs by up to USD 20 billion a year by 2022, according to UK-based venture capital company Santander InnoVentures.
Visa, which outsources its technology work to Infosys and other Indian companies, mentioned it is open to ‘working jointly’ with some of them on how to build applications around blockchain.
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