The idea of a cryptographically secured chain of blocks, or ‘Blockchain’, was first theorised almost 30 years ago now long before the introduction of Bitcoin in 2009. Since then, as well as a form of currency, blockchain has been implemented for other financial uses and has become increasingly popular in the last five years or so.
While some may not fully understand how the process works, there are several companies who have cracked the code and now provide award winning services to those looking to utilise the system. Here are the world’s 10 Leading Providers in Blockchain.
Tata Consultancy Services’ Integrated Blockchain offerings enables financial firms to explore and exploit blockchain potential. The offering is based on a set of core guiding principles, with a ‘reference’ implementation and a sponsorship model offers controlled onboarding of member participants and defines governance mechanisms.
The offerings contain trusted and verified processing nodes, instead of public nodes, ensure solution integrity and a distributed flat ledger with digitally signed information with controlled role-based access to the ledgers ensures privacy of information.1
KPMG’s value-add approach integrates financial management and digital transformation with industry proficiency to provide businesses with detailed guidance on blockchain. KPMG helps clients develop blockchain solutions from strategy to implementation.
Embracing a new technology that disrupts business as usual is not easy. To help clients make this transition, KPMG has dedicated blockchain specialists across KPMG’s core lines of business- Tax, Audit, Advisory, and Industries- in 30 countries across the world to provide strategy development, integrating systems and operations and the design of relevant use cases and validation.2
At Cognizant, they have moved beyond the innovation lab with blockchain. They have real-world experience linking blockchain technology and business processes across the entire blockchain journey for clients. From tracking and transferring money or inventory to post-financial settlements and smart insurance contracts, the potential for blockchain to transform business spans industries and applications.
From their work with industry consortia projects to implementing live, in-production blockchain applications, you can rely on Cognizant’s unmatched industry expertise to navigate your blockchain journey whether you are just getting started or actively moving into production.3
7) NTT DATA
As an early pioneer and leader in blockchain solutions, NTT DATA can help you determine if this technology solves your business challenges and complements your existing IT investment and digital transformation roadmap. By enabling users to send and receive records securely and transparently, distributed ledger technologies like blockchain drive better business collaboration and process efficiency and enable new business models.
Their experts can help you develop and integrate blockchain solutions. Today, NTT DATA are working with financial institutions so they can integrate business strategies and technologies, helping healthcare companies truly connect by enabling information sharing seamlessly, securely and in real time, and supporting government organisations in improving operational efficiencies and agility for universal format and accessibility across their repositories.4
Wipro is a partner of choice for clients across industries in driving a transformative approach to blockchain engagements. Their approach to blockchain adoption for global enterprises is highly contextualised to the customer’s industry, stage of maturity in their blockchain journey & industry use case.
Their end-to-end blockchain offerings cover ecosystem services, advisory and consulting, platform services, application services, industry themes and technology assets to build blockchain solutions. They work with clients to drive transformation through strategic engagements consisting of global advisory and SME services that help build ecosystem of partners and participants in the blockchain network, resulting in enterprise-grade blockchain solution.5
Infosys Blockchain addresses blockchain and adjacent technologies including shared ledger, distributed ledger and smart contracts. Infosys provides a host of offerings to help in the adoption, integration and realisation of blockchain networks. Infosys also brings its strength in other technology areas to complement or combine with blockchain and help amplify its value.
Infosys harnesses the power of blockchain to help you create a network where data is much more accessible and reliable, and transactions among partners on the network are verifiable and traceable, enabling an ecosystem of trust with your suppliers, partners, and customers. Infosys’ industry experience and networks can enable ecosystem connections that help amplify the potential of your network.6
EY can help you with the complete business lifecycle from contracting, ordering, fulfilling, invoicing, to payments. You can do business on a blockchain with EY OpsChain and then get insight into what happened with EY Blockchain Analyzer. EY also knows how to manage the tax and audit requirements for blockchain-based transactions. Working with EY, companies can be confident about getting the benefits of this new technology while handling the regulatory and tax complexities of an emerging ecosystem.7
Deloitte collaborate globally with clients on how blockchain is changing the face of business and government today. From physical asset traceability, clinical supply chain, global trade finance, cross-border payments and remittances, post-trade processing to voting and digital identity.
Right now, new ecosystems are developing blockchain solutions to create innovative business models and disrupt traditional roles. This is occurring in every industry and in most jurisdictions globally. Deloitte’s deep business acumen and global multidisciplinary model helps organisations across industries achieve their varying blockchain aspirations.8
With the blockchain-based True Supplier Marketplace, Accenture aims to provide a new procurement model for buyers. It brings buyers and suppliers on a single shared platform, with transparency in supplier information and certification. Instead of Accenture uploading the data, the suppliers control their own data, and the platform provides a secure way to share it with buyers.
That way, the supplier is able to optionally share information with several buyers that use the solution. In terms of benefits, Accenture said the True Supplier Marketplace decreases supplier onboarding time by 73% from 15 days to 4 days. The solution reduces manual data entry processes by 39% using automation.9
IBM has 1,500 employees working on more than 500 blockchain projects in industries like shipping, banking, healthcare and food safety. It also has forged partnerships with the likes of Columbia University to develop still more uses for the tech. It’s a bold move, but not out of character for a company that is often among the first to embrace new technology.
Through its research, IBM identified three areas where blockchain could be valuable: Financial services, shipping and healthcare. So far, it is placing the greatest emphasis on the financial sector. While IBM was open to using blockchain more broadly, it realised the technology wasn’t a panacea. Blockchain is best used to turn paper-based tracking systems into digital ones, increase efficiency, and share data across industries.10