EXPRESS COMPUTER | FEBRUARY, 2017
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FEATURE WIPRO Krishnakumar N Menon, Vice President-Service Transformation, Wipro Limited
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e have a “clientcentric” approach to Blockchain and we recognize that different clients are in different phases of their Blockchain adoption journey. We have made investments to build the foundational elements for accelerated growth in Blockchain. We have created Blockchain industry solutions. These are accelerators around use cases like skip trace consortium (banking), DvP (Delivery v/s Payment), P2P (peer to peer) insurance for the shared economy, Tri-Party collateral management and supply chain traceability. We have also created a Blockchain CoE to provide technology guidance and build technology / solution assets and differentiators, in addition to crafting Blockchain platform point of views and frameworks, product comparisons, solution assets & IPs, reference architecture and other CoE artefacts. We have also created a Blockchain innovation lab, which is designed to enable quick time-to-market and coinnovation through rapid provisioning of Blockchain environment to prototype and quickly build Blockchain applications. We have also created a rich repository of technology and consulting assets to help accelerate the customer journey on Blockchain. Our partner ecosystem includes a range of Blockchain platform vendors, Blockchain application providers and technology vendors that
◗ Wipro has created a Blockchain CoE and Innovation lab
◗ Wipro has observed good
traction in the BFSI sector with clients actively looking at Blockchain to optimize costs, and leveraged shared resources
◗ For one of its global FMCG clients,
who was facing loss of revenue and brand-reputation due to counterfeit goods in an Asian country, Wipro has implemented a Blockchain solution
specialize in specific Blockchain use case areas to offer best-inclass Blockchain solutions for clients. We have calendarized and structured programs for enterprise level talent development to train and up-skill in-house staff on Blockchain technology through internal
competency development initiatives and partner enablement sessions. We are also engaged with industry consortia and communities on Blockchain. We are also looking at working closely with the vibrant startup / fintech ecosystem to identify and invest in Blockchain startups. We are also working closely with academia and to research on Blockchain technology. At Wipro, we observe good traction in the BFSI (Banking , Financial Services and Insurance) industry with clients actively looking at blockchain for specific business use cases to optimize on costs, and leveraged shared resources (data, infrastructure). More specifically, we see following use case areas of interest: ◗ Banking: cross-border remittances, lending, trade finance, skip-trace consortium, clearing and settlement, rewards programs ◗ Financial Services: Trade Life-Cycle, Clearing and Settlement, Reconciliations, Collateral Management Beyond financial services where we see good momentum in client engagements across health care and supply chain as a major cross industry segment. Our focus in this area is around use cases like supply chain traceability, provenance, anticounterfeit products, parts genealogy and international trade With Digital India initiatives underway, Aadhar (digital identities in India) crossing a billion users, the RBI (Reserve Bank of India) focus on Blockchain, NPCI (National Payments Corporation of India)
thrust on Band several banks pursuing Blockchain projects – the Indian market is ripe for Blockchain. Indian businesses can explore Blockchain for select industry use cases like retail payments, trade finance, and re-imagining the end-toend customers processes in legal, education, healthcare, land registry and other public welfare services. For one of our global FMCG clients, who was facing loss of revenue and brand-reputation due to counterfeit goods in an Asian country, we have implemented a Blockchain solution. The client was looking for anti-counterfeiting measures and reduce revenue losses as well as improved
With Digital India initiatives like Aadhaar crossing a billion users, the RBI focus on Blockchain, NPCI’s thrust on several banks pursuing Blockchain projects – the Indian market is ripe for Blockchain. Krishnakumar N Menon, Vice President-Service Transformation, Wipro Limited
consumer satisfaction. They also wanted to provide consumer the ability to verify the authenticity of any product they pick and scan in stores. As the product frequently changed hands before reaching the end customer, it was difficult to identify if counterfeiting has occurred or not. The client’s existing centralized systems lacked the ability to prevent this counterfeiting. There were multiple participants in the supply chain but there was a lack of distributed ownership Wipro provided a Blockchain-based solution and leveraged the power of Smart contracts and DLT
(distributed ledger technology). Pallet and product journey was captured at each processing point via smart contracts. A unified, real-time view of the product was made available on the distributed ledger for all stakeholders as it traversed through the supply chain. Smart contracts were also leveraged to store a digital representation of the physical goods in the Blockchain. This ensured that product’s authenticity could be determined at any point of its journey from factory to the stores. We leveraged our Blockchain Innovation Lab offering to implement this proof-of-concept in a permissioned blockchain network.
uTrade Solutions Kunal Nandwani, Founder & CEO, uTrade Solutions
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CAPGEMINI INDIA Rishabh Shah, Senior Director - Financial Services, Capgemini India
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apgemini is taking a use case view. To identify the business scenarios where Blockchain can help, we have started talking to various parties. We create PoCs to show the possibilities and subsequently it becomes easy because by then enterprises are able to visualize and quantify the benefits. One focus area is ‘cross border payments’. Our thinking is by using Blockchain Technology (BCT) in cross border payments, we can actually reduce the cost of cross border payments by 50% and at the same time, we can improve the customer experience. We have done a PoC on cross border payments and we are evangelizing the benefits of this PoC. There are 7-8 PoCs that we are doing. They range from loyalty management. So, say for example, you travel by Jet Airways, they give you some points and then you go to a store for example, Reliance Mart and they also give you loyalty points etc. So, you have a bunch of loyalty points from multiple sellers, which you may want to use or you may not want to use. But the points that you may want to use may not be sufficient, so can we create a marketplace of these loyalty points, where anybody can buy and sell loyalty points.
◗ By using Blockchain in remittances, the costs of cross border payments can be reduced by 50% ◗ The company has an association of 20+ banks. The consultations have been done with IBA, RBI around the use cases ◗ Auditability, transparency
and security in Blockchain is unique
For example, a couple wanting to go for a vacation wants to go for a tour and stay at Hyatt. They do not have adequate points, then can they sell their Reliance Mart points and but Hyatt points from the marketplace. These things can be done using existing technologies too but there are certain characteristics in Blockchain that make it special: For things, where you are trying to exchange ‘Value’. The first thing that you want is full and complete auditability. For any particular transaction, the
customer can by no means deny that he did not do that transaction. The moment you say, ‘Value’, Blockchain gives you certain safeguards and controls that make the process extremely transparent. Secondly, it gives a certain level of security. Typically, when you exchange value, there is a need of a centralized body to ingest trust. For example, the central bank is an authority that brings trust in monetary transactions. With Blockchain, this can be done in a decentralized manner. There is a smart contracts mechanism that has set the rules of engagement. Anybody who is willing to follow the rules can transact. The response we are getting from the potential customers is they want to do something on their own. Financial institutions want to partner with each other and that becomes a barrier at times. So, the scope of the conversation has to be expanded. It has to be a multilateral conversation, where banks are talking to governing bodies, and other stakeholders. Capgemini has been through several such conversations to get the alignment. Capgemini’s strategy is to build an ecosystem and be a part of it. We have brought in 20+ banks together. The consultations have been done with IBA, RBI around the use cases and benefits that the banks can get.
lockchain can disrupt the way all information companies work today. So the potential runs in trillions of dollars, but it may take a good 10-20 years for this industry to evolve and mature. We have invested USD $50,000 in R&D so far. We are targeting information businesses like KYC, creation, sharing and verification platforms. We are also targeting crowd sourced platforms where people can create, consume, search and process information, using digitized micropayments in virtual tokens. Blockchain has the potential to become Internet 2.0, with no central company like Google, Facebook etc. owning and selling user data. As user privacy continues to be understood and valued more, Blockchain may offer interesting alternatives to various Internet platforms.
ATOS Purshottam Purswani, Chief Architect & Member, Atos Scientific Community, Blockchain
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◗ The company has invested USD $50,000 in R&D so far.
◗ Blockchain has the potential to become Internet 2.0
◗ The company is targeting information businesses like KYC, creation, sharing and verification platforms
n India, a huge ecosystem is being built around Blockchain and a couple of banks have started running Blockchain streams to test out the concept and have seen positive results. At the same time, we are already seeing a blooming startup ecosystem providing solutions around Blockchain. Looking at the adoption of Blockchain in the financial services sector, which is challenged with transaction loads, intermediaries, security and authentication protocols, we are already witnessing the adoption of this technology in sectors like healthcare, real estate, education, logistics and IP protection. In the Atos Journey 2020 document “Digital Shockwaves in Business”, Blockchain is anticipated to become a primary means of authenticating any business process transaction and is predicted for full mainstream adoption by 2020. Every year, Atos runs an international competition “Atos IT Challenge” event which encourages the next generation of IT professionals to achieve their personal best.
As part of the R&D initiative, Atos funds numerous projects that are suggested as a part of the IT Challenge completion outcome by providing guidance and rewards for the most creative solutions. For edition 2017, Atos is running an IT Challenge around Blockchain that shows how the principle of secure, public ledgers can be used to disrupt conventional business models. Atos is also working with top financial services clients in select geographies to unleash the potential of the Blockchain with multiple major engagements involving joint investments between Atos and its clients across different European geographies. For the financial services segment, we are looking at use cases around digital currency, P2P lending, micro-finance, remittance, digital rights, regulatory compliance and KYC for loans. In a sector like healthcare, personal healthcare records can be securely held within Blockchain transactions allowing easy access to accurate patient history. In the case of real-estate, management of title records can be done using Blockchain. In manufacturing, Blockchain along with Additive manufacturing (3d printing) can help in digital rights on spare parts ensuring that the IP Rights are managed where a
◗ In the case of real-estate,
management of title records can be done using Blockchain
◗ Healthcare records can be
securely held within Blockchain for access to accurate patient history Atos is already witnessing adoption of Blockchain in sectors like Healthcare, real estate, education, logistics and IP protection
spare part file is remotely sent for printing. In the case of the logistics industry, the Internet of Things (IOT) along with Blockchain can help in authenticity of data, trust, transparency and huge operational costs relating to the on-boarding of new partners, monitoring, enforcement and settlement of payments.