Infosys up by nearly 2 per cent

Ahead of the opening of the company's buyback offer, the stock of Infosys was buzzing on the bourses. Infosys was trading in the green, following SBI's push towards adoption of blockchain technology and the IT company's software being seen as a forerunner in the field of blockchains technology.

The stock of Infosys was trading at Rs. 985.00 per share, up 1.94 per cent in the morning session on Thursday.

Blockchain is today seen as the ultimate way to secure and provide transparency for digital transactions worldwide. Through blockchains, the underlying ledger can be secure, distributed and shared publicly among various financial institutions. This disruptive technology was first deployed in a large scale by Bitcoin, a cryptocurrency, blockchain usage is emerging as more an more regulators are experiencing its benefits in validating identity, implementing KYC and the ease it provides in terms of interbank payments.

Earlier, State Bank of India (SBI) had launched a beta version of smart contracts which uses blockchain technology. SBI, the largest public sector bank, is the founder of BankChain, which is exploring ways to implement blockchain technology in the banking system. BankChain has 22 Indian banks and five Middle East-based banks as its members.

Meanwhile, the stock of SBI was trading at Rs. 335.75 per share, up 0.16 per cent and S&P BSE Sensex was at 33,612.27 points, up 50.72 points or 0.15 per cent.