Wipro, India's third-largest IT software services exporter, said on Wednesday that it has launched nine, blockchain-based solutions that can be adopted by Banking Financial Services and Insurance (BFSI), manufacturing, retail and consumer goods sectors.
A technology that has been described by Goldman Sachs as having the "potential to redefine transactions" and change everything," blockchains are anonymous online ledgers that enable two users to verify authenticity of transactions without the services of a third party.
Defined, designed and co-developed with clients in Wipro's Blockchain Innovation Lab, the Azim Premji-controlled company's blockchain-based solutions can be used for various purposes.
"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.
Banks are increasing the technology as they can use it for a range of purposes; in India, private sector lender ICICI Bank claimed to be the first Indian lender to adopt it last October.
"We have marked a milestone by piloting a blockchain network with Emirates NBD as a partner and have successfully executed cross-border open account trade finance and remittance transactions," Chanda Kochhar, MD & CEO, ICICI Bank had said.
"I envision that the emerging technology of blockchain will play a significant role in banking in the coming years by making complex bilateral and multi-lateral banking transactions seamless, quick and more secure," she added.
Wipro said it has also developed blockchain-based solutions for the manufacturing industry, in areas like "Anti-counterfeit solutions and Air Worthiness certificate."
The company's design and development approach enables faster adoption of the technology. "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," Wipro said.
Krishnakumar N Menon, Vice President, Service Transformation, Wipro, is of the view that the technology is getting a fillip from clients in a big way. "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 recognise the importance of investing in, and scaling blockchain programs in line with client requirements," he said.
Wipro shares closed at Rs 506 apiece, down 1.70 percent from their previous close, on Wednesday. The BSE Sensex ended 76 points higher at 30,658. Tata Steel, Tata Motors and ICICI Bank were the top Sensex gainers.
