Rise and shine with Wipro’s blockchain nine
Indian IT firm Wipro has developed nine blockchain-based solutions for banking financial services and insurance (BFSI), manufacturing, retail and consumer goods industries.
The solutions were defined, designed and co-developed with Wipro’s clients in its blockchain innovation lab. In terms of fintech and insurtech, these concepts include trade finance and P2P insurance for the “sharing economy” and loyalty rewards management in the BFSI sector. You can probably recite the benefits of blockchain in your sleep by now – “improved process efficiency, optimised costs and the ability to foster innovative business models”.
Krishnakumar Menon, VP, service transformation at Wipro, says its clients are “keen to de-mystify blockchain technology and actively pursue blockchain solutions for identified use cases, which can rapidly scale to production”.
The firm’s cloud-based lab offers clients 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”.
There aren’t any specifics, but Wipro adds that its clients are pursuing blockchain solutions in cross-border payments and Know Your Customer (KYC) in banking, post-trade settlement processes in financial services, and provenance in the supply chain.
By the way, Wipro is one of the founding members of the Enterprise Ethereum Alliance (EEA), which plans to drive Ethereum blockchain technology best practices – “focusing on security, privacy, scalability and interoperability”.