With the huge success of Bitcoin, blockchain technology came under the radar of financial and technological world, and with every passing day various innovative applications of this technology are discovered by technological innovators. Tech companies are willing to explore all the possibilities to find the application of Blockchain to replace it as a backbone of the financial transactions. XinFin, a Singapore based Blockchain Company is recently joined by S. V. Sukumar, a globally recognised business mind, leader and former Partner and Head of Strategy and Operation Consulting at KPMG. Let’s discuss the possible implications of this move.
About XinFin.io and S.V. Sukumar
XinFin is a global Blockchain based company which is focusing to address the global trade and finance deficit with a robust next-generation financing mechanism that will complement the existing financial ecosystem in a seamless manner. The vision is to leverage the fast-evolving blockchain financial technology and develop a complete ecosystem around the proprietary permissioned blockchain, XDC01 protocol, with participation of governments, financers, buyers, suppliers, regulators and communities to help bridge the global trade and finance deficit.
With over 40 years of diverse experience in industry and management consulting, Sukumar has been pioneer in implementing management concepts like TQM, Six Sigma, and Lean, serving top Fortune 500 companies. In his position he has improvised strategy and performance in Financial Services, Supply Chain, Consumer and Industrial Products, Pharma, Automobiles, etc., and has helped clients to enhance revenue while reducing costs.
Sukumar’s joining to XinFin has various implications and can be viewed from various perspectives.
For the Company
XinFin.io is a young company with a team of enthusiastic and brilliant people focused on technological and business innovation with the goal to explore the possible implementations of Blockchain solution to change the way people do their financial transactions. All the blockchain based organisations are trying to explore the similar possibilities but XinFin gets a technological edge because of their proprietary XDC protocol based hybrid blockchain, which is perfectly suitable for solving financial inconsistencies in the enterprises.
XinFin’s hybrid blockchain has got this edge over public and private blockchains because of its technologically unique implementation. Public blockchain is implemented successfully only in wallet implementation and private blockchain is implemented into intra organisational transactions with no possibility of external transactions. This creates a problem when applying the technology to solve real world problems. To avoid these sound barriers, XinFin took a unique approach by combining the best of both worlds Public and private blockchain creating a hybrid form of blockchain. This XDC protocol based solution makes it suitable to connect governments and other financial institutes to the customers all over the globe.
With this unique technological space and addition of Sukumar will boost their efforts to reach various sectors of the industries. With his experience he will bring his knowledge of every sector on board and will help the firm to identify possible challenges to take the technology to the grassroots. With the vast business experience of Sukumar it will become easier for the company to tie up with various institutions and governments to solve their problems using XinFin’s solution.
With Sukumar joining the blockchain firm, he will bring his expertise and knowledge in various domains he has been part of and domains around it. He will take ahead XinFin’s hybrid blockchain technology to apply it to the various enterprises and industries. XinFin currently is building blockchain based applications like TradeFinex to bring Suppliers, Financiers, and beneficiaries together and is also targeting to build applications for various sectors like finance, working capital management, travel, supply chain, aviation, etc. Presence of Sukumar will help them target the diversities of various sectors at a higher pace.
On Blockchain World
With many big industry leaders like Sukumar joining various blockchain technology based firms, this will be another stepping stone for the blockchain world towards taking the technology further close to people, in Sukumar’s words “Blockchain will change the way we live, think and act”. Healthcare, Tourism, Agriculture, Banking etc. all the possible domains will be explored for the application of blockchain infrastructure.
With mainstream business minds like Sukumar joining Blockchain world, it will take blockchain technology to people’s homes, mobiles and pockets. It will help build the trust among enterprises to choose blockchain solutions to replace their financial architecture. In financial world, large chunk of cash is spent in trusted authorities based technologies to establish trust among transactions and if it is replaced with considerably cheaper blockchain based solutions, it will revolutionize global trade.