ZUG, Switzerland--(BUSINESS WIRE)--Luxoft Holding, Inc (NYSE:LXFT), a global IT service provider, has partnered with R3, an enterprise blockchain software firm. Luxoft will lead the integration of identity management applications on Corda, R3’s open source blockchain platform.
As an R3 partner, Luxoft will use Corda technology in its blockchain consulting practice, adding integration with complimentary technologies in order to provide complete solutions. The initial focus is to allow businesses to create Corda applications that take advantage of the verifiable claims technology or identity attributes management enabled by Hyperledger Indy. Hyperledger Indy is an open-source technology for blockchain-based identity management, and a basis for the Sovrin Network - a public utility ID ledger that provides the basis for self-sovereign identity management.
Corda’s unique approach to privacy makes it well placed to support identity management on the blockchain as the platform combines privacy and confidentiality of business transactions with an ability to re-use functionality/data in the network. To help firms build complete solutions that rely on self-sovereign identity management, Luxoft will therefore build Corda identity management apps on the Hyperledger Indy and the Sovrin Network.
Luxoft has already built a proof-of-concept that combines Corda and Hyperledger Indy to demonstrate how the technology will work in producing and distributing personalised medicines to patients. It shows how an Indy CorDapp enables a person to own their own data, and how that impacts different sections of the healthcare ecosystem – from the treatment room to the manufacturer. Luxoft will be exclusively showcasing this new demonstration at the Crypto Valley Conference in Zug, Switzerland on June 22.
“We believe that the combination of Corda, the blockchain for business, and HL Indy, for decentralized identity is a powerful platform for addressing real world, enterprise requirements. Any practitioner building on a blockchain or distributed ledger technology needs to amass a toolkit that allows them to complete the job most efficiently, always applying the right tool for the job,” said Vasiliy Suvorov, Chief Technology Officer at Luxoft. “By contributing the integration framework, we hope to enable faster innovation and help both Corda and the Hyperledger Indy communities to focus on building innovative applications and spend less time on technology integration.”
“We have created a blueprint for any process that requires claims or credentials input in order to orchestrate service provisioning between multiple parties,” added Mr. Suvorov. “It will help make systems more practical, scalable and flexible, naturally supporting smart contract mechanisms that already exist in Corda.”
David E. Rutter, CEO at R3, commented: “Enabling end users to have full control over managing their identity is one of the most exciting applications for blockchain. By partnering with Luxoft, we can extend the benefits of our privacy protocols on Corda to a wider community. We look forward to working with them in the future to deliver innovative identity management CorDapps.”
Luxoft (NYSE:LXFT) is a global IT service provider of innovative technology solutions that delivers measurable business outcomes to multinational companies. Its offerings encompass strategic consulting, custom software development services, and digital solution engineering. Luxoft enables companies to compete by leveraging its multi-industry expertise in the financial services, automotive, communications, and healthcare & life sciences sectors. Its managed delivery model is underpinned by a highly-educated workforce, allowing the Company to continuously innovate upwards on the technology stack to meet evolving digital challenges.
Luxoft has more than 12,900 staff across 42 cities in 21 countries within five continents, with its operating headquarters office in Zug, Switzerland. For more information, please visit www.luxoft.com.
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors.
R3 is working with its global network to develop on Corda, its blockchain platform designed specifically for businesses. Corda is already being used in industries from financial services to healthcare, shipping, insurance and more.
R3’s global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 is backed by investment of over USD 120 million from more than 45 firms.
Corda is the outcome of over two years of intense research and development by R3 and its members and meets the highest standards of the financial industry, yet is applicable to any commercial scenario. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce. Learn more at www.r3.com.
This news release of Luxoft Holding, Inc (“Luxoft”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include information about possible or assumed future results of our business and financial condition, as well as the results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. These statements are subject to, without limitation, the risk factors discussed under the heading “Risk Factors” in Luxoft’s Annual Report on Form 20-F for the year ended March 31, 2017 and other documents filed with or furnished to the Securities and Exchange Commission by Luxoft. Except as required by law, Luxoft undertakes no obligation to publicly update any forward-looking statements for any reason after the date of this news release whether as a result of new information, future events or otherwise.
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