Ramco Systems and XinFin Join Forces in Singapore to Develop Hybrid Blockchain Solution for Enterprises

Two global software specialists 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.

Global enterprise software specialist Ramco Systems and Singapore-based open-source blockchain developer XinFin FinTech Pte Ltd will use the latter'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 focuses on disruptive applications across multiple industries.

The collaboration will lead to a set of distributed ledgers which can prevent users from sending tokens to incompatible networks or non-existent addresses - a current problem facing the fast-growing blockchain industry. The new architecture will also reduce congestion of blockchain networks, which inhibit security, speed and scalability.

The open architecture also allows inter-operability 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.

XinFin and Ramco's partnership is taking place in Singapore - an international financial centre which is placing a high emphasis on FinTech -- amid rising global interest in distributed blockchain ledgers.

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.

Beyond enterprise cloud adoption, blockchain is the next technological wave that can disrupt industries. A mechanic on the tarmac can use blockchain-based maintenance logs to track the entire life cycle of an aircraft engine, authenticate replacement parts or check age and air miles logged without having to check with other parties or trawl through records. Such productivity gains can be multiplied across industries once the element of trust is captured electronically.