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, today 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
blockchain 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.
To know more about blockchain at Wipro, click here.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading
global information technology, consulting and business process
services company. We harness the power of cognitive computing,
hyper-automation, robotics, cloud, analytics and
emerging technologies to help our clients adapt to the digital
world and make them successful. A company recognized globally for
its comprehensive portfolio of services, strong commitment to
sustainability and good corporate citizenship, we have a dedicated
workforce of over 170,000, serving clients across six continents.
Together, we discover ideas and connect the dots to build a
better and a bold new future.
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth
prospects are forward-looking statements, which involve a number of
risks, and uncertainties that could cause actual results to differ
materially from those in such forward-looking statements. The risks
and uncertainties relating to these statements include, but are not
limited to, risks and uncertainties regarding fluctuations in our
earnings, revenue and profits, our ability to generate and manage
growth, intense competition in IT services, our ability to maintain
our cost advantage, wage increases in India, our ability to attract
and retain highly skilled professionals, time and cost overruns on
fixed-price, fixed-time frame contracts, client concentration,
restrictions on immigration, our ability to manage our
international operations, reduced demand for technology in our key
focus areas, disruptions in telecommunication networks, our ability
to successfully complete and integrate potential acquisitions,
liability for damages on our service contracts, the success of the
companies in which we make strategic investments, withdrawal of
fiscal governmental incentives, political instability, war, legal
restrictions on raising capital or acquiring companies outside
India, unauthorized use of our intellectual property, and general
economic conditions affecting our business and industry. Additional
risks that could affect our future operating results are more fully
described in our filings with the United States Securities and
Exchange Commission. These filings are available at www.sec.gov. We
may, from time to time, make additional written and oral
forward-looking statements, including statements contained in the
company’s filings with the Securities and Exchange Commission and
our reports to shareholders. We do not undertake to update any
forward-looking statement that may be made from time to time by us
or on our behalf.
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version on businesswire.com: http://www.businesswire.com/news/home/20170517005470/en/
Wipro LimitedSubhashini
Pattabhiramansubhashini.pattabhiraman@wipro.com
Wipro (NYSE:WIT)
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