Solutions developed in Wipro’s Blockchain Innovation Lab
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting, and business process services company,announced that it has developed nine blockchain-based solutions for the Banking Financial Services and Insurance (BFSI), Manufacturing, Retail and Consumer Goods industries. Defined, designed and co-developed with clients in Wipro’s Blockchain Innovation Lab, these solutions demonstrate what block chain can accomplish for global enterprises.
The industry solutions span across areas such as Delivery v/s Payments (DvP), Tri-party collateral management, Skip Trace Consortia, Trade finance, P2P insurance for the sharing economy and Loyalty Rewards Management in the BFSI sector. Wipro has developed solutions that address areas like Anti-counterfeit solutions and Air Worthiness certificate tracking in the manufacturing industry and supply chain traceability across industries. The benefits of these solutions include improved process efficiency, optimized costs and the ability to foster innovative business models.
Wipro’s Blockchain Innovation Lab enables rapid provisioning of blockchain environments to prototype and build use-case specific blockchain industry solutions for clients. By leveraging the blockchain environments in a cloud-based lab, clients are able to fast-track the development of blockchain solutions by leveraging pre-defined use-case blueprints and ready-to-use solutions. Along with the lab, clients have access to Wipro’s domain experts, technology specialists, proprietary tools and process assets to jump-start their blockchain journey. The lab hosts technology platforms from Wipro’s partner ecosystem, which includes blockchain platform providers, blockchain application providers and technology providers who specialize in specific blockchain use cases.
In addition, Wipro’s consulting assets for blockchain use case identification and prioritization, business case creation and blockchain platform selection are key enablers for clients in their blockchain journey.
“While the first generation brought us the ‘Internet of Information’, the second generation, powered by Blockchain, is bringing us the ‘Internet of Value’” said Don Tapscott and Alex Tapscott , Co-authors of Blockchain Revolution and founders of the Blockchain Research Institute in conversation with Naveen Rajdev, CMO of Wipro Ltd. for a special blockchain feature in the company’s WOOL magazine.
Don and Alex added “Blockchain promises to radically simplify many business processes, reducing risk and boosting transparency. That’s a good thing. And this is really the tip of the iceberg: Personal and commercial lending, risk management, investment banking, treasury services, global markets, insurance, technology, operations and asset management will all feel the effect.”
Krishnakumar N Menon, Vice President, Service Transformation, Wipro Limited said “Our approach to blockchain is innovation-led, powered by our industry acknowledged advisory and consulting capability and a strong CoE (Centre of Excellence) focus, designed to help client businesses innovate. Global clients are keen to de-mystify blockchain technology and actively pursue blockchain solutions for identified use cases, which can rapidly scale to production. The next-generation of digital ecosystems will be built on blockchain, and hence we recognize the importance of investing in, and scaling blockchain programs in line with client requirements.”
With global advisory and consulting capabilities, a strong partner ecosystem on blockchain and industry specific blockchain solutions, Wipro drives blockchain adoption in a way that is pragmatic and contextualized to the client enterprise. Wipro’s clients are actively pursuing blockchain solutions for specific use cases such as cross-border payments and Know Your Customer (KYC) in banking, post-trade settlement processes in financial services, provenance in the supply chain, peer-to-peer insurance in the sharing economy and ‘track and trace’ solutions in the healthcare and life sciences sector.