Blockchain Services RadarViewTM 2019...Use case adopted Case Study Record Management & Debt Services...

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October 2019

Enabling ecosystem thinking for collaborative success

Blockchain Services RadarViewTM 2019

2

Table of Contents

• About the Blockchain Services RadarView 2019 Report

• Executive Summary

• Blockchain: Lay of the Land

• RadarView Overview

• Blockchain Services RadarView 2019

• Service Provider Profiles

3

About the Blockchain Services RadarViewTM 2019 Report

1Even though there was significant growth in the adoption of blockchain technology across industries over the last 12 months, it is still lower than expected. Most enterprises are already past the experimentation phase and are actively leveraging blockchain to build practical business applications.

2Avasant’s ongoing interactions with enterprise digital leaders indicate that while they see blockchain’s potential to reinvent their business processes, they need to identify mature service providers that can enable their blockchain journey and achieve true business value.

3The Blockchain Services RadarView 2019 Report addresses this need to understand the evolution of blockchain and to identify global service providers that best suit for their blockchain requirements and plans.

4Avasant evaluated 33 blockchain service providers through a rigorous methodology across key dimensions of practice maturity, investments and innovation, and ecosystem development to recognize the top 20 that brought the most value to the market over the last 12 months.

5The report also highlights the key market trends and Avasant’s view on the road ahead for enterprises leveraging blockchain over the next 12 to 18 months.

Executive Summary

5

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Avasant has recognized 20 top-tier providers supporting the

enterprise adoption of Blockchain ServicesLEADERS

IBM

NTT DATA

Wipro

Accenture

Infosys

TCS

INNOVATORS

CGI

HCL

Tech Mahindra

Capgemini

Cognizant

LTI

DISRUPTORS

DXC

Virtusa

Atos|Syntel

UST Global

CHALLENGERS

HexawareEPAM

Mphasis Zensar

6

Key enterprise blockchain trends shaping the market

Adoption doubled

in 2019; significant

growth in key use

cases

• The success in proof-of-value engagements has driven the enterprises to move to production-grade

implementations, resulting in doubling of adoption across industries compared to 2018. In the last 12 months, the number of production stage projects has increased by over 4.5 times.

• Use cases such as Digital Asset & Identity Management, Transaction Networks, and Supply Chain/Tracking had the highest growth, with 35% of them leveraging IoT and AI.

Government

sector emerges as

the highest growth

driver

• Governments have embraced the potential of blockchain to address different elements of citizen service delivery such as digital identity and records management, resulting in increase in blockchain adoption by 3.5 times and the highest success rate of 50% in moving from PoC to production.

• BFS continues to be the leader, accounting for 31% of the active blockchain projects. There is also significant growth in Manufacturing & Transportation & Logistics sectors as successful pilots go live.

Interoperability

conundrum top-of-

mind for tech and

service providers

• Lack of standardization and interoperability between leading blockchain platforms/networks increases the risk and costs for enterprises choosing one platform over another. This also impedes enterprises from working with partners on different platforms and limits the scalability of consortiums.

• Initiatives such as Cosmos and Polkadot have emerged to address this issue; however, most of them are still in the early stages of adoption. 60% of service providers are also working on solving this issue.

Lack of pre-agreed network

funding model is a

challenge

• Participants are not always able or willing to bear the network development and maintenance costs. This lack of agreement of cost ownership restricts network participation.

• Currently, there are 3 types of network funding models, one in which the enterprise bears all the costs, the second in which a sponsor pays the initial costs and then is compensated by the members as the network grows, and the third in which all members are charged based on agreed terms.

7

Enterprise blockchain adoption: The road ahead

Understand and

adhere to the

regulations that

affect blockchain

Engage with

consortiums to

solve industry-wide

issues

Identify

governance

model based on

network structure

Invest in R&D to

get ahead of the

curve

• In a significant shift from regulating crypto currencies, 30+ countries have enacted specific legislation and introduced regulatory sandboxes to encourage enterprise blockchain innovation. This has caused an influx of blockchain companies into these jurisdictions.

• However, there is a need to understand and adhere to the regulations that affect blockchain security, interoperability, anti-money laundering, illicit financing, cross-border payments, and consortiums.

• Enterprise blockchain requires players across the value chain to adopt the same platform. Consortiums bring together a diverse set of stakeholders such as enterprises, solution providers, regulators, and public sector organizations on the same network and can accelerate high-value use cases and scalability.

• Globally, 40+ active consortiums are leveraging blockchain with use cases such as KYC processes, loan clearing and settlement, trade energy, identify management, and asset track-and-trace.

• There are 3 prevalent models of blockchain network governance: centralized, open, and third party.

• When choosing the network members, a few issues need to be considered, such as ensuring that all stakeholder groups in the blockchain ecosystem are represented, determining intellectual property ownership, and raising and spending funds to support the blockchain project.

• Global enterprises have been boosting their blockchain innovation spend, as demonstrated by the increase in number of patents filed over last 12 months. These patents are primarily in the areas of data security, transfer, records, document validation and authentication, and payment processing.

• Service providers are also ramping up their spend, with 30% of planned investments going to building assets and solutions to enhance their blockchain service offerings.

Blockchain Market:

Lay of the Land

9

Increased success of PoC/pilot projects is driving more

projects towards production-grade implementations

Note: Analysis based on 900+ ongoing and completed blockchain client projects across proof of concept, pilot and production stages in 2019

Source: Avasant Blockchain Services RadarView Survey, May-June 2019

Over the last 12 months, greater visibility of business value in PoCs/pilots has driven adoption by nearly 2 times and

the number of production-grade implementations has jumped 4.6 times.

70%

24%

6%

53%

31%

16%30+

projects

140+

projects

4.6X

PoC Pilot Production

Change in blockchain adoption across all stages of projects over the last 12 months

Average share (2019)Average share (2018)

Change in total number of blockchain projects over the last 12 months

500+

projects

900+

projects

1.75X

March 2018 March 2019

10

Select use cases across different industries had greater

adoption and traction in the last 12 months

Note: Blue use cases indicate higher blockchain adoption in the last 12 months.

Source: Avasant analysis of 300+ use cases across industries

Banking• Asset certification

• Trade finance

• Cross-border payment

• Client onboarding

• KYC

• Syndicated loans

• Identity management

• Audit trail

Financial Services• Trade finance

• Securities issuance

• Derivatives settlement

• Dispute management

• Forex trade

• Fund processing

• Risk management

• Secure record keeping

• Identity management

Government and Non-Profit• Asset registration

• Asset tracking

• Digital land and vehicle

registry

• Digital identity

• Digital voting

• Food distribution

• Secure travel for

refugees

Healthcare and Life Sciences• Drug provenance

• Health records

• Organ registry

• Pharma track and trace

• Physician recertification

• Provider data

management

Retail and CPG• Distributed marketplace

• Food auditing

• Inventory control

• Loyalty programs

• Procurement

optimization

• Supply chain

traceability

Technology, Media and Telecom• Product provenance

• IP management

• Fraud detection

• Micropayments

• Media IP protection

• Loyalty programsInsurance• Claims management

• Reinsurance

• Contract authentication

• Customer data-sharing

• Insurance marketplace

• Insurance records

• KYC

• P2P Insurance

Manufacturing• 3D design records

• Anti-counterfeiting

• Digital provenance

• Preventive

maintenance

• Supply chain

management

• Warranty and payments

Utilities and Resources• Electricity grid

management

• Energy trading

• Shared equipment

• Green certification

• Produce logistics

• Wholesale energy

supply

Travel and Transportation• Cargo track and trace

• Damage tracking

• Preventive

maintenance

• Ticketing

• Customer data sharing

• Shipping

documentation

Blockchain

use cases

11

Amongst these, several use cases integrate blockchain with

other technologies

Note: Analysis based on 120 ongoing and completed blockchain client projects across proof-of-concept, pilot and production stages in 2019

Source: Avasant Blockchain Services RadarView survey May-June 2019; Avasant Research

Blockchain is most often integrated with Internet of Things (IoT), but it is being increasingly used with Artificial

Intelligence (AI) and Intelligent Automation (IA).

35%Of active projects are

leveraging blockchain

along with other

emerging

technologies

Use Case Company

Technologies

leveraged with

blockchain Description

IoT AI IA

Asset tracking

• Commonwealth Bank of Australia is helping its clients more

efficiently buy and manage assets such as farm equipment.

• Built an asset-sharing and management platform using IoT devices

connected to equipment. Also built a dynamic dashboard using

blockchain that not only presents the operational performance of

equipment but also is managed through smart contracts.

P2P energy

trading

• Developed TransActiveGrid, a P2P energy trade platform that is

now globally scalable. Installed computer-controlled energy

measurement systems (IoT enabled) in houses.

• The payments are initiated automatically by self-executed

contracts. Over 300 houses and SMEs have signed for next phase,

which aims to achieve fully automated transactions.

Supply chain

management

and food safety

• In early 2019, Golden State Foods, that makes over 400K

hamburgers per hour, developed a system to track the location

and temperature of its beef patties using IoT and blockchain.

• This system enables the restaurants to make sure they use a product

at the optimal window in its shelf life, thus optimizing food delivery

and decreasing operational costs.

Connected

vehicle

• In collaboration with a Berlin-based blockchain start-up, XAIN,

Porsche tested and developed a smart car application to lock and

unlock car’s doors using blockchain and ML.

• Further plans include recording traffic data over the blockchain,

getting mail packages successfully delivered inside the car’s trunk,

etc.

Sample use cases

12

BFSI remains the major adopter, but there is strong traction in

the government sector

.

Source: Avasant Blockchain Services RadarView Survey May-June 2019

Being an early blockchain adopter, BFS has a 31% share in active blockchain projects. However, the government

sector has increased its number of projects by 3.5 times.

Time since industry adoption started

1-2

Years

2-3

Years

3-4

Years

Sh

are

of

blo

ckc

ha

in c

lien

t p

roje

cts

Banking

Manufacturing

Financial

ServicesInsurance

Utilities

&

Resources

Retail

&

CPG

Telecom,

Media &

Entertainment

Government

Healthcare

&

Life

Sciences

Travel

&

TransportationHigh

Tech

20%

15%

10%

5%

Growth in blockchain projects over the last 12 months

Share of industries in active blockchain projects

40%37%23%3.5X

3X

3X

2.1X

2X

1.9X

1.8X

1.6X

1.5X

1.5X

1.4X

Government

Travel & Transportation

High Tech

Insurance

Telecom, Media & Entertainment

Healthcare & Life Sciences

Utilities & Resources

Financial Services

Manufacturing

Retail & CPG

Banking

13

This is reflected in higher success in conversion from pilots to

production-grade implementations in the public sector

Source: Avasant Blockchain Services RadarView Survey May-June 2019; Avasant Research

GovernmentUse case adopted

Case Study

Record Management

& Debt Services

• In Groningen, a government institution along with the Groningse Kredietbank (GKB) are helping residents in need of debt relief services.

• The city now stores financial status changes of GKB clients in a private blockchain, with invoices and income payment information of external partners.

Digital Identity & Record

Management

• Since 2012, blockchain has been used in Estonia for various e-services.

• These include the e-Health Record, e-Prescription database, e-Law and e-Court systems, e-Police data, e-Banking , e-Business Register and e-Land Registry.

Digital Certificates

• Malta has become the first country to use blockchain technology for developing academic credentials verifications across its academic institutions.

• The project started in Oct 2017 and is now scaled across all its academic institutions since Feb 2019.

Digital Identity

• The city of Zug in Switzerland is creating blockchain-based digital identities that can be used for government services such as e-voting.

• Citizens register their IDs through the uPort app. Post approval, these get publicly attested on the Ethereum blockchain.

Currently, the government sector has the highest conversion rate. Nearly half of its blockchain projects made the

transition from pilot to production in the last 12 months.

Success rate in conversion from PoC to production

Sample production-staged projects

City of Zug12%

14%

17%

22%

23%

23%

30%

34%

42%

43%

50%Government

Utilities & Resources

High Tech

Banking & Financial Services

Retail & CPG

Manufacturing

Healthcare & Life Sciences

Insurance

Non-Profits

Travel & Transportation

Telecom, Media & Entertainment

14

Meanwhile, enterprises have lower than expected adoption,

primarily due to interoperability challenges


Blockchain platforms use different tech philosophies, and a lack of universally accepted standards has hindered

rapid adoption. However, enterprises are exploring solutions to address blockchain interoperability.

Characteristic Ethereum Hyperledger Fabric

Corda

Programming language

Solidity Go, Java Kotlin

Governance Distributed among participants

Linux Foundation and organization in the chain

R3 and organizations involved

Consensus Algorithm

Proof of Work (PoW)

Practical Byzantine Fault Tolerance (PBFT)

Notary nodes can run several consensus algorithms

Smart Contract Feature

Not legally bound

Not legally bound

Legally bound

93%Service providers have

faced questions

related to

interoperability from

enterprises.

Company Solution

Having close ties with R3, Ethereum, IBM and Hyperledger fabric, ING Bank is looking forward to

interoperability by applying zero-knowledge proofs to testing trade finance solutions.

Has signed a partnership agreement with Quant Network, a UK-based technology firm, to explore interoperability and to create cross-platform applications and services for banks. The first tests will be

executed on Corda and private Ethereum platforms.

Differences between leading blockchain platformsGlobal enterprises have started working on

interoperability solutions

15

To address the interoperability, tech providers are working on

various projects, however these are at an early stage

Source: Avasant Research

Project Name Start Date Project Type Description

Mar 2019 Cross-chain solution

Cosmos network, built on a set of modular tools, enables blockchains to

transfer value with each other through Inter-Blockchain Communication (IBC)

Platform.

Apr 2018 Cross-chain solution

Hyperledger Quilt offers interoperability between ledger systems by

implementing the Interledger protocol (ILP), a payments protocol designed

to transfer value across ledgers.

Nov 2017 Open protocolKomodo pioneered atomic swaps, P2P cryptocurrency trades from one user

to another. It is also working on creating cross-chain smart contracts solution.

Oct 2017 Cross-chain solution

Wanchain is a cross-chain platform that seeks to create a “distributed bank”

by providing a framework for financial applications based on digital assets

and cryptocurrencies.

Dec 2016 Cross-chain solution

Polkadot is allows blockchains to communicate and provides a pooled

security for each member of the network, regardless of the blockchain in

which they operate.

Dec 2016 Open protocol

Ark seeks to create bridge chains that can interact with any other

blockchain, and provides several tools for users to create their own custom

blockchains within minutes.

Majority of these projects are cross-chain solutions or open protocols that are currently bridging various public

blockchains.

Ongoing interoperability projects

16

Service providers are building assets and contributing to

ongoing interoperability projects


60%Of service providers

have already

started working on

addressing

interoperability

Initiatives Highlights Service Providers Description

Proprietary

assets and

platform

Building own assets and

platforms to enable

interoperability across blockchain networks such as

Corda, Hyperledger, Quorum and Digital Asset

In Oct 2018, Accenture has developed and tested 2 solutions that enable Digital Asset, R3 Corda, Hyperledger Fabric and Quorum to integrate securely and orchestrate business processes.

Cognizant has built interoperability and multiple blockchain frameworks that provide an integration layer to connect 2 different blockchains using interoperability techniques.

The IBM Blockchain Platform, an open and flexible platform built for a multi-cloud environment, is interoperable. IBM is also proactively working on projects across multiple platforms, such as Hyperledger and Corda.

Wipro has implemented interoperability between Hyperledger Fabric and Quorum by setting up interoperability nodes that ensure fast and secure interaction via local SDK calls.

Contributing to

Interoperability

projects

Providing both technical

capabilities and funding to the

ongoing interoperability

initiatives

LTI has recently partnered with the Orbs Blockchain platform that has developed the ability to pass tokens between different blockchain networks. This enables them to build robust solutions around interoperability.

NTT Data is the founder and contributor to the Hyperledger Quilt project, a business blockchain tool that offers interoperability between ledger systems by implementing the interledger protocol (ILP).

Majority of service providers can be leveraged by enterprises to tackle the interoperability issue.

Sample initiatives by Service Providers

17

Majority of regulations across countries are crypto-specific

and do not impede enterprise blockchain adoption

Note: The countries represented are at the leading or enabling stage of blockchain regulatory maturity, as assessed by the Avasant Blockchain

Regulatory Framework.

Source: Avasant analysis of blockchain regulations from a representative list of 120 countries, as of December 2018

UAE

A pioneer in blockchain

adoption in the public sector,

UAE has an enabling

regulatory stance; legal

treatment varies broadly on

where the entities are located.

South Korea

Revised its initial hostile

regulatory stance towards ICOs

and VCs; ban on ICOs has been

lifted and recognizes VCs as a

form of legal remittance.

Singapore

Considered the Asian

blockchain hub, it has developed

a business- and investor-friendly

regulatory approach towards

blockchain.

Australia

Regulatory approach that

places more emphasis on

technology development and

less regulatory interventionism;

has one of the most extensive

cryptocurrency tax regimes in the

world.

Canada

Well-defined regulatory

guidance around VCs, ICOs,

taxation, AML rules, etc.

Malta

Known as the

Blockchain Island, Malta has

passed 3 new legislations to

actively foster innovation and

adoption of blockchain in the

country.

Hong Kong

Fast emerging as a

destination of choice

for blockchain investors.

UK

Favorable regulatory

attitude towards VCs and

blockchains, notably the

presence of regulatory

sandbox.

Switzerland

One of the most business-

friendly blockchain regulatory

regimes in the world; detailed

regulatory guidance around

ICOs, VCs/ digital tokens, and

taxation of VCs.

US

Different states and entities

within the US have different

regulatory positions. SEC, for

example, classifies most tokens

and virtual currencies as

securities. The IRS classifies

cryptocurrencies as property for

tax purposes.

In fact, there are several blockchain-progressive countries that are enacting favorable laws.

18

A growing number of jurisdictions are offering regulatory

sandboxes to encourage fintech/blockchain innovation

Source: Avasant analysis of Blockchain regulations from a representative list of 120 countries across the world, as of December 2018; Avasant

Research

30+Countries have a

fintech/blockchain regulatory

sandbox that enables start-

ups/technology providers to

test their products and

services with a limited

number of real consumers for

a trial period without being

subject to normal

regulations.

These sandboxes allow start-ups to test blockchain products in a safe and regulated environment.

Sample list of start-ups that have joined a blockchain regulatory sandbox

CompanyRegulatory

SandboxCountry Description

Financial

Conduct

Authority (FCA)

Onfido, a leading document ID verification

company, has joined a cross-border regulatory

sandbox run by the Global Financial Innovation

Network (GFIN) in early 2019.

Monetary

Authority of

Singapore

(MAS)

ICHX Tech, a blockchain-based infrastructure

company incubated by ICH Group, has joined the

regulatory sandbox in May 2019 to get licensed by

MAS as a recognized market operator.

Financial

Conduct

Authority (FCA)

Diro Labs, a start-up that uses a “central blockchain-

based store of information” to verify identities and

documents, has joined the regulatory sandbox in

April 2019.

Saudi Arabian

Monetary

Authority

(SAMA)

In June 2019, Raqamyah Blockchain start-up, a peer-

to-peer lending platform, joined the Saudi Arabian

Monetary Authority (SAMA) regulatory sandbox.

Economic

Development

Board (EBD)

PIRL, a blockchain technology company whose

business activity is the R&D of viable products for

day-to-day use, joined the Mauritius EBD sandbox in

Aug 2019.

19

Lack of pre-agreed cost ownership model impedes

blockchain implementation

Source: Industry interviews and an analysis of 50+ ongoing blockchain projects

There are 3 types of network funding models that are considered whenever a blockchain solution is created and

goes to production:

Party C

Party A

Party DEnterprise Party B

Party C

Party A

Party DSponsor Party B

Party C

Party AParty D

Enterprise

Party B

The enterprise bears all the costs. A sponsor bears the initial cost of getting

the blockchain network up and running.

Once the network grows, the sponsor is

compensated by the additional members.

The cost is apportioned to different

stakeholders based on agreed terms, e.g.,

depending on the benefits or transactions

done on the network.

Types of funding models

Dark blue icons represent the parties that pay in the

network

Dark grey icons represent the parties that do not pay

in the network

20

Enterprises need to identify the governance model based on

the blockchain network structure

Source: Industry interviews and an analysis of 50+ ongoing blockchain projects

Governance of blockchain networks is crucial with three models being more prevalent.

The creator of the

blockchain solution

has the final

authority on all

network decisions.

Central

member

M2M1

M4M3

Centralized

Governance

M2M1

M4M3

The governing body

is chosen by the

blockchain users

within the existing

members.

Open

Governance

M2M1

M4M3

Third-

Party

A separate legal

separate entity,

governmental

agency, or any

other form is

selected by partners

in the consortium.

Third-party

Governance

Green color represents the governing parties Orange color represent the parties other than the governing parties

21

Enterprises also need to engage with consortiums to develop

solutions for shared ecosystem and business challenges

Source: Avasant scan of Industry Consortiums as of July 2019

Industry Focus Areas Sample Consortiums Sample Members

BFSI

• KYC onboarding• Anti-money laundering• Syndication of loans• Trade finance• Asset registry

Energy• Energy trading• Smart grid Management

Legal• Data integrity, authentication, security and privacy

for contracts and documents• Interoperability between corporate law firms

Logistics & Transportation

• Cargo tracking• Shipping documentation• Development of standards• IoT

Public & Private Sector• Blockchain learning• Regulation advisory• Post-trade distributed ledger

Sample Consortiums

Various consortiums are active across verticals (logistics, transportation, BFSI, legal and energy) with focus on

multiple use cases (KYC, AML, asset track-and-trace, identity authentication, etc.).

22

Industry bodies are also emerging as catalysts for blockchain

adoption

Source: Avasant Research

Spunta project is the Italian banking sector’s first move to integrate blockchain in interbank processes to accelerate

payments.

ABI is the trade association of Italian banks

created in 1919. Its purpose is to represent,

look after and promote the interests of its

member banks and financial

intermediaries. Specifically, ABI undertakes

initiatives for the orderly, stable and

efficient growth of the banking and

financial system, in a competitive outlook

consistent with Italian and European Union

law.

Italian Bank

Association (ABI)

Phase 3Dec 2018-

Present

Pre-production phase

Phase 4Expected by

March 2020

Production

Phase 1Sept 2017-

Dec 2017

Use case

analysis and platform selection

Interbank process

to see all the

information about

balance status,

movements, etc.,

was chosen the

ideal. Corda

platform was

selected.

Phase 2Jan 2018-

Oct 2018

Proof-of-concept

18 banks

successfully

completed a10-

month long PoC in

October 2018 by

processing a total

of 1.9 MN

transactions.

Now scaling to a

more advanced

test phase with 200

banks.

Plan to migrate the

entire banking

sector’s system on

blockchain by

March 2020

23

Enterprises are investing in core blockchain technology

areas and are filing for patents

Source: Avasant Blockchain Services RadarView survey May-June 2019; Avasant Research

0

80

60

40

20

100

Number of patent applications by enterprises

Nu

mb

er

of

pa

ten

t a

pp

lica

tio

ns

Most of the patents are filed in the following areas:

They are innovating blockchain in the areas of data security, transfer, records, document validation and payment

processing.

I. Data security

II. Data transfer

III. Document validation and

authentication

IV. Data records

V. Payment processing

24

The providers are likewise ramping up in this space with

notable investments in building assets and filing of patents

Source: Avasant Blockchain Services RadarView survey May-June 2019

Providers, on average, plan to invest 30% of their blockchain budget in building more assets and solutions that can

be leveraged by enterprises in their blockchain adoption journey.

Service

Provider

Number of

patents filed

Patent Description

80+

• Document authentication and

management

• Data sharing & consistency

• Security & Speed

• Identification of parties

• Blockchain-based web browser

• Blockchain interoperability

• Smart contract-enabled energy

marketplace

• Validation and distribution of antivirus

signatures

• Rewritable (hybrid) blockchains

5+

15+

• Logistics & Travel, Manufacturing and

Financial Services

• Peer-To-Peer Validated Transactions

• Certificate tracking

• Collateral management

• Blockchain-enabled 3D printing

5+• Evaluation of use cases

• Controller for enterprise deployment

acceleration

Patent filed by service providers

30%

28%

18%

6%18%

Asset

development(e.g. new offerings,

patent filings,IP, solution

accelerators, and industry-specific assets

development, prototypes, etc.)

Human capital

development(e.g., certifications and

trainings, creative hiring and upskilling of resources, etc.)

GTM

enablement(e.g., new channels development, new

marketing initiatives, product roadmap,

pricing strategy, geo expansion)Inorganic

expansion(e.g., acquisitions,

strategic investments)

Leveraging

ecosystem(e.g., increasing number

and depth of partnerships,

crowdsourcing through hackathons, CoEs, joint

labs, etc.)

Share of planned investments in next 12 months

RadarView Overview

26

Blockchain Services RadarView assesses service providers

across 3 critical dimensions:

Practice Maturity

• This dimension considers the current state of the provider’s blockchain practice in terms of its strategic importance for the provider, the maturity of their offerings and capabilities, and client engagement.

• The nature and sophistication of solutions, use cases being addressed, market acceptance, quality of talent, and execution capability are all important factors that contribute to this dimension.

Investments and

Innovation

• This dimension assesses the investment approach and innovation focus of the provider, and how it aligns with the future direction of the industry.

• The overall strategic investments, both organic and inorganic ones, towards capability and offering growth, technology development and human capital development, along with the innovations that the provider develops with their partners are critical aspects of this dimension.

Ecosystem

Development

• This dimension focuses on the provider’s initiatives towards market creation and development, knowledge development and collaboration with industry stakeholders.

• This includes the level and nature of engagement with the stakeholder and start-up ecosystem, thought leadership initiatives such as industry-guiding white papers and points-of-view, and contributions to industry associations and events

27

Research methodology and coverage

Note: Assessments for Accenture, Atos|Syntel, Capgemini, DXC, EPAM, Hexaware, and TCS have been conducted based on public disclosures

and market interactions only

Avasant based its analysis on a number of sources:

Publicly available information such as SEC filings, annual reports, quarterly earnings calls, executive interviews and statements.

Public

disclosures

Discussions with enterprise executives leading digital initiatives and influencing service provider selection and engagement.

Market

interactions

Inputs collected through an online questionnaire and structured briefings in May-June 2019.

Provider

inputs

Of the 33 service providers assessed, the final 20 featured

in RadarView for 2019 are:

Blockchain Services RadarView 2019

29

Reading the RadarView

Avasant has recognized service providers in 4 classifications:

Leaders show consistent excellence across all the key dimensions of the RadarView assessment (practice maturity, investments and

innovation, and ecosystem development) and have had a superior impact on the market as a whole. These providers have shown

true creativity and innovation and have established trends and best practices for the industry. These providers have proven their

commitment to the industry and are recognized as thought leaders that set the standard for the rest of the industry to follow. Leaders

display a superior quality of execution and a reliable depth and breadth across verticals.

Innovators show a penchant for reinventing concepts and avenues, changing the very nature of how things are done from the

ground up. Unlike the Leaders, Innovators have chosen to dominate a few select areas or industries and distinguish themselves on

the basis of superior innovation. These radicals are always hungry to create pioneering advancements in the industry and are

actively sought-after as trailblazers redefining the rules of the game.

Disruptors enjoy inverting established norms and developing novel approaches that invigorate the industry. These providers choose

to have a razor-sharp focus on a few specific areas, and address those at a high level of granularity and commitment that results in

tectonic shifts. While Disruptors might not have the consistent depth and breadth across many verticals like the Leaders or the

innovation capabilities of the Innovators, they exhibit superior capabilities in their areas of focus.

Challengers strive to break the mold and develop groundbreaking techniques, technologies and methodologies on their way to

establishing their unique position. While they may not have the scale of the providers in other categories, Challengers are eager and

nimble, and use their high speed of execution to great effect as they scale heights in the industry. Challengers have a track record

of delivering quality projects for their most demanding Global 2000 clients. In select areas and industries, Challengers might very well

have capabilities that match or exceed those of the providers in other categories.

30

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Blockchain Services RadarViewTM 2019

LEADERS

IBM

NTT DATA

Wipro

Accenture

Infosys

TCS

INNOVATORS

CGI

HCL

Tech Mahindra

Capgemini

Cognizant

LTI

DISRUPTORS

DXC

Virtusa

Atos|Syntel

UST Global

CHALLENGERS

HexawareEPAM

Mphasis Zensar

Service Provider Profiles

32

Industry Coverage

Darker color indicates higher industry concentration

Accenture : RadarView Profile

6,800+ 100+

Technology patents

Innovation Centers

Industry-specific

blockchain solutions.

Assets focused on

technical aspects of

blockchain. Strong

partnership ecosystem.

Practice Maturity

Investments & Innovation

Ecosystem Development

Practice Overview Client Case Studies

• Collaborated with Mastercard and Mercy Corps in Feb 2019 to build a blockchain-based

solution that allows consumers to identify individual producers who use sustainable methods

and financially reward them with a direct payment.

• Worked with AB InBev, APL, and Kuehne + Nagel to build a blockchain solution that enables

multiple stakeholders to confidently and securely access shipment transaction data. It

involves handling the entire documentation process, from initial booking to the drafting and

creation of the bill of lading and customs manifest.

• Converted the process of managing surety bonds that was done over the phone or email to

online by integrating the blockchain-based system with Zurich Benelux’s existing surety

management back-end. The solution includes an easy-to-use dashboard that enables

customers to quickly check the status of their bonds, get detailed bond history records, fulfill

new bond requests, and view bond forecasts.

• Practice Size: N/A

• Active Clients: N/A

• Certified/Trained Resources:

N/A

• Delivery Highlights: Blockchain

solutions for security and

interoperability

Sample ClientsPartnershipsKey IP and Assets

• Blockchain Security - A solution

to integrate blockchain with the

hardware security modules

(HSMs)

• Blockchain Interoperability - A

solution focused on blockchain

interoperability between Digital

Asset, R3 Corda, Hyperledger

Fabric and Quorum

• Biometric Identity Management

System - An Ethereum-based

prototype for identity

management

• Mastercard

• Mercy Corps

• Kuehne + Nagel

• American President Lines

• Anheuser-Busch InBev

• Zurich Insurance Group

• Thales Group

• ABN Amro

• An APAC-based oil and gas

major

Platform Provider

Industry Consortium

Enterprise

Banking

Financial Services

Government

Healthcare and Life Sciences

High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG

Telecom, Media and Entertainment

Travel and Transportation

Utilities and Resources

33

Analyst Insights

• Accenture has taken a holistic approach when addressing the needs of its clients' blockchain journey. It has brought together global resources from

the company's consulting, strategy, digital, technology, and operations services into its blockchain practice, which covers several sectors, including

finance, supply chain, and insurance.

• Over the last 12 months, its projects started to move from PoC to large-scale production. In July 2018, Accenture's Indian technology center was

successful in leveraging blockchain for 2 oil and gas majors in North America to enable peer-to-peer EV charging at any participating home.

• It has primarily developed solutions with its partners in leading technology enterprises (IBM, AWS, Microsoft) and platform providers (Ethereum, Digital

Asset, and Hyperledger) by co-innovating with them in its labs. For instance, in early 2019, it announced its partnership with Mastercard, AWS,

Everledger, and Mercy Corps to build its blockchain-based supply chain capability. Currently, it is piloting a blockchain solution for supply chain

management and authentication of parts in collaboration with Thales group for the aerospace industry.

Practice Maturity



Accenture : RadarView Profile

• Accenture puts a lot of focus on building assets in The Dock, its research and incubation hub in Ireland. These assets focus on technical aspects of

blockchain, such as security, interoperability, and identity. It has filed 2 patents around blockchain interoperability between Digital Asset, Corda,

Hyperledger Fabric, and Quorum. For security, it has built a solution with hardware security modules (HSMs).

• It has built industry-specific labs and studios, such as a Digital Studio for government IT modernization that integrates emerging technologies, including

blockchain. It also utilizes inorganic means to strengthen its industry-specific blockchain capabilities. In July 2019, it acquired Bridge Energy Group, a

Boston-based consulting and systems integration firm to deliver blockchain solutions to its utility clients.

• Accenture leverages consortiums and alliances to develop blockchain solutions to address societal and industry challenges. One such collaboration is

with the UN and other global humanitarian organizations to use blockchain and biometrics for identity management.

• It is very active in disseminating the results of its research in blockchain through blog posts, white papers, trend reports, and articles. Some of this

research is done with its enterprise clients. For instance, DHL and Accenture collaborated on a trend report on blockchain's technology potential to

transform the logistics industry.

34

Industry Coverage


Atos|Syntel : RadarView Profile

5,000+ 9

technology patents

Customer Innovation

Centers

Develops technical

solutions in

collaboration with

technical and research

institutes. Engaged

thought leadership.

Practice Maturity




• Collaborated with South Korea's Institute for Information and Communications Technology

Promotion to develop a blockchain-based framework for a cross-border ecosystem. The

resources from different providers can be orchestrated in merged multi-cloud environments.

The solution aims to strengthen the position of Europe and South Korea in cross-border

cooperation and the search for new opportunities on the market.

• Built a blockchain-based smart contract solution for a logistics major between retailer and its

distribution partners. The shipment transactions are stored on the distributed ledger enabling

a single source of truth for real-time tracking. This created an implicit trust between

participants, reducing the cost of control measures.

• Implemented a blockchain identity management platform for Bank Aljazira, which is based

in Saudi Arabia, to increase the security around customers’ personal information and avoid

fraud, thus launching the first-of-its-kind use case in the region.




N/A

• Delivery Highlights: Presence in

70+ countries


• MoBio - A tool to facilitate

communications between

functional and technical

stakeholders

• Institute for Information and

Communications Technology

Promotion

• Bank Aljazira

• A logistics major

Platform Provider

Startup

Enterprise

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




35

Analyst Insights

• Atos|Syntel delivers end-to-end blockchain services in a standardized approach through its Atos Blockchain factory. It leverages pre-built domain use

cases to rapidly develop blockchain PoCs for its clients.

• To showcase its capabilities on private blockchain platforms, it has developed a data privacy and governance layer on Hyperledger. It has also

demonstrated an interest in public blockchain platforms. It was involved in PRO BTP, a French social protection group, to implement an Ethereum-

based PoC for the secure repository and traceability of document deposit.

• It works mostly with its partners, including start-ups, to address blockchain security and identity. For instance, it worked with ShoCard, the US-based

blockchain-identity verification company to implement a blockchain identity management platform for Bank Aljazira in Saudi Arabia.

Practice Maturity



Atos|Syntel : RadarView Profile

• Worldline, Atos' subsidiary in payments and transaction services, has focused on blockchain technology since its launch. In 2015 and 2016, Worldline

developed demos using blockchain to manage financial assets such as company bonds or lists of lost or stolen cards. One of its PoCs is point-of-sale

(POS) Terminal Hotlists to improve fraud detection on payment terminals.

• Atos|Syntel actively collaborates with technology and research institutes to work on various blockchain initiatives. Currently, it is working with the IRT

SystemX Technology Research Institute to explore blockchain opportunities for several verticals, including the automotive market. It is also working with

ACTA, the French network of the agricultural technical institutes to explore the potential of blockchain in agriculture.

• Atos|Syntel conducts and sponsors blockchain events and competitions. In 2017, the Atos IT Challenge theme was blockchain and witnessed 77 teams

from around the world compete in this area. It also sponsored the Land of African Business (LAB), a major event in Abidjan dedicated to exploring the

blockchain potential in African financial and transactional services to accelerate social and economic growth.

• It has published various resources in the form of blogs, white papers, and PoVs that highlight blockchain integration with other technologies, blockchain

security, blockchain in each domain, etc. One of its opinion papers is focused on the digital vision for farming that covers blockchain potential in food

standards and traceability.

36

Industry Coverage


Capgemini : RadarView Profile

20-25% 1,000+

Digital revenue growth

A blockchain training

workshops

Strong BFSI focus. A

strong consulting

relationship with clients.

Active thought

leadership.

Practice Maturity




• Worked with Ahold Delhaize and its logistics partners to move its supply chain on blockchain

and shorten the turnaround time for a single transport. Linked a mobile app to the

blockchain and minimized the paperwork in the process.

• Implemented a Corda-based platform for an industry consortium of the insurance market of

Italy for the distribution and synchronization of risk data in a safe, transparent, and efficient

way. The solution provides for the management and optimization of negotiation and

quotation times. It also enhances the information quality through blockchain.

• Developed a blockchain-based solution called Whiteflag with the Dutch Ministry of Defence

that provides parties in conflict and disaster zones to digitally communicate predefined signs

and signals using blockchain technology, thus creating situational awareness beyond

conflicts. The first test ran in Nov 2018 with 25 participants of different government/non-

government organizations.

• Practice Size: 200+



N/A

• Delivery Highlights: A global

network composed of 16

innovation labs


• Whiteflag - A protocol to create

a trusted environment for all

stakeholders of a conflict

• Blockchain evaluation

framework - A framework to

understand the applicability of

blockchain solution

• Albert Heijn

• AIG

• Generali Insurance

• The Dutch Ministry of Defence

Platform Provider

Enterprise

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




37

Analyst Insights

• Capgemini has a dedicated independent global practice for blockchain within its financial services line through which it provides blockchain offerings

ranging from consulting to technology services.

• Leveraging its robust partnership ecosystem, it was heavily involved in the projects that require the advanced understanding of the technology and in

building the business scenarios and use cases across multiple industries. In 2017, Capgemini collaborated with Schneider Electric to create a PoC for

using DLT in the supply chain. Other projects involved KYC solution, efficacy-based payments using Ethereum, vehicle ownership, and transfer tracking.

• Its consulting services are strengthened by its blockchain evaluation framework that evaluates the applicability of a blockchain solution. In addition, its

Capgemini Applied Innovation Exchange lets its clients co-innovate and test blockchain solutions in a controlled environment before piloting and

deploying them.

Practice Maturity



Capgemini : RadarView Profile

• Capgemini is exploring applied blockchain technologies through the CoEs in its innovation labs across the globe. In early 2019, it has launched a new

global Blockchain Center of Excellence in partnership with Swinburne University of Technology to support and innovate blockchain solutions for industry.

• It is exploring and adding complementary technology capabilities in its solutions. It is currently working with IBM at its Watson IoT Center to create a

smart container management system based on blockchain and IoT.

• Capgemini has exhibited thought leadership in the forms of blog posts, PoVs, and white papers. Capgemini Research Institute, its in-house research

center is quite active in doing surveys and analyses around emerging technologies, including blockchain.

• To promote higher education and research in blockchain technology, it launched a “Blockchain and B2B Platforms” Chair with École Polytechnique

and the École Polytechnique Foundation in April 2019.

38

Industry Coverage


CGI : RadarView Profile

50-75% 140%+Blockchain

services growth

Active clients growth

Strong focus on IP development. High

growth in client engagements.

Blockchain solutions focused around trade

finance and US Federal.

Practice Maturity




• For a city in the Netherlands city, developing an application that stores financial status

changes of credit bank customers, external party's invoices, and payment data in a

blockchain. It helps provide financial situation insights into 20% of Dutch households.

• Building a PoC for a major European port area to increase the efficiency in the overhauling

of containers from shipping lines to other transportation services, taking into account credit

agreements and other trade finance constraints.

• Is working with the largest energy producer and supplier in Netherland to facilitate

administrative processes using blockchain technology. The application will serve 50,000

households and will cut overhead costs by 50%.

• Developed a PoC that integrated Trade360, CGI's trade finance platform, and a blockchain-

based platform to enable banks engaged in trade finance to increase productivity and

reduce costs.


• Active Clients: 90+

• Certified/Trained Resources: 20+

• Delivery Highlights: 11

Innovation centers and labs

across the globe


• Trade360 - A trade finance tool

• Boxchain - Blockchain IP for

GDPR-compliant usage

• Data360 - A GDPR-compliant

product to share data

• Cyber security Training - A 2-day

blockchain security training

template

• One of Europe's largest ports

• A city in the northern

Netherlands

• One of the largest energy

producers and suppliers

• The executive branch of

Flemmish region of Belgium

• The US federal government

• A Canadian multinational

investment bank

Platform Provider

Startup

Industry Consortium

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




39

Analyst Insights

• CGI started its blockchain practice in 2015 and identified blockchain as one of the key technologies in its global emerging technologies portfolio. It has

experienced massive growth since last year in targeted industries of BFSI, healthcare, utilities, and the public sector.

• Since 2016-17, it has been aggressively involved in educating about blockchain by conducting a set of blockchain programs. Now, in addition to the

blockchain education, it is engaged in full-service partnerships with its enterprise clients.

• With a platform and technology-agnostic approach, it has a strong portfolio of IPs and assets. With its trade finance platform, Trade360, it has been a

successful trade finance technology partner for various banks, including Bank of Montreal, Royal Bank of Canada, and Mitsubishi UFJ Financial Group.

• It has emphasized expanding its blockchain ecosystem through various partnerships that not only involve start-ups such as CyberStratus and NuBorders,

but also platform providers such as Ripple and Corda.

Practice Maturity



CGI : RadarView Profile

• CGI has established 11 innovation centers and labs around the globe and continues to invest strategically in developing and delivering IPs. With the

advent of GDPR, it has built 2 GDPR-compliant IPs: Boxchain and Data360. In addition to asset development, half of its planned investments is allotted

for human capital development. It has collaborated with educational institutions, labs, non-profit organizations, and partner companies such as R3,

Ripple, DAH, etc., to hire talent.

• It is actively looking for inorganic investment opportunities under its "Build and Buy" strategy. Blockchain capabilities are one of the many evaluation

factors in its global M&A targeting process.

• Embracing the blockchain, CGI has a lot of thought leadership content on its website in the form of blog posts and white papers focused on trade

finance, blockchain storage requirements, blockchain energy consumption, and government blockchain.

• It continues to collaborate with different platform providers and banks to build trade finance applications. In 2017, it created a PoC by integrating its

trade finance platform Trade 360 with Skuchain, a blockchain platform to enable 19 banks to provide trade finance services. It has also collaborated

with R3 and 13 global banks to build a trade finance application on the Corda platform.

40

Industry Coverage


Cognizant : RadarView Profile

25+ 65%+

Blockchain frameworks


Large suite of pre-built

blockchain solution

accelerators.

Expanding partnership

ecosystem. Strong in

BFSI and Healthcare.

Practice Maturity




• For one of the largest global insurance providers, developed an automated insurance

solution using blockchain technology to offer pregnant women financial protection in case

of gestational diabetes, without ever needing to file any claim.

• Collaborated with a consortium of Indian life insurers to build a blockchain solution on Corda

to facilitate cross-company data-sharing. This helped insurers reduce their reliance on data

intermediaries and aggregators in obtaining customer and policy details.

• Built a DLT-based solution for a Japanese financial firm for cross-border document-sharing

and a custom digital currency. The information-sharing among bank subsidiaries resulted in

cost savings while the digital currency eliminated the need for data reconciliation.

• Helped a credit card brand issued primarily in the US leverage alternate payment rails for

cross-border payments and leverage the DLT framework for an automated award and

recognition system.




• Delivery Highlights: Cognizant

Accelerator, a global

innovation center


• Post-trade Clearing and

Settlement- - Solution for asset

transfer between parties

• Collateral Management -

Solution accelerator to simplify

collateral management process

• Document Signing and

Verification - To digitally sign

and verify the document

• Multi Sig Asset Transfer - For title

deeds transfers through multi-

signature contracts

• One of the largest global

insurance providers

• A US real estate services and

investment firm

• One of the largest financial

services multinationals

• A leading payment solution

provider

• The world's largest logistics

company

• A UK-based pharmaceutical

company

Platform Provider

Enterprise

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




41

Analyst Insights

• Cognizant has established its blockchain practice under its BFSI vertical at the end of 2015 and has been pragmatic about the evolution of the

blockchain market. It has a centralized blockchain team delivering across all industries.

• It leverages its broad portfolio of pre-built blockchain solution accelerators and its global technology center known as Cognizant Accelerator, which

helps in the company's development of new technologies and digital capabilities to build blockchain applications for its clients.

• It has built deep partnerships and strategic alliances for evaluating and testing beta products, providing feedback for product enhancement and joint

go-to-market. It collaborated with Chain.com to develop use cases around digital cash and loyalty programs. It also co-developed the CordaInsure

platform with R3 to reduce insurance fraud cases.

• Though it is traditionally strong in the BFSI vertical, it is expanding to other industries by developing use cases and PoCs. It has collaborated with

Synaptic Alliance to explore how blockchain can address current healthcare issues.

Practice Maturity



Cognizant : RadarView Profile

• Cognizant has significantly invested in expanding its base of solution accelerators and IPs and continues to strengthen this portfolio either by building in-

house or through minority investments in emerging start-ups. Such minority investments are targeted to quickly tap into innovation opportunities in the

market. Its Cognizant Accelerator is staffed by experienced start-ups and corporate folks and has developed products and platforms.

• It has focused on capability building and augmentation through its core CoE and organic growth by internal cross-skilling. It has leveraged its

partnership network for employee enablement and training.

• Cognizant has been active in developing informative content around blockchain through white papers, podcasts, and research studies. One of its

initiatives is the blockchain adoption study in 2017 that surveyed 3,000 senior executives across the US, Europe, Canada, and APAC for their

perspectives on the blockchain.

• It has been an active member of financially focused consortia such as the Chamber of Digital Commerce and Open Standards Consortium for Real

Estate (OSCRE). It is an executive member of the Chamber of Digital Commerce in 2016 and has been actively contributing to policy efforts to help

shape the market of blockchain. In April 2018, it became a member of the Ethereum Enterprise Alliance (EEA).

42

Industry Coverage


DXC : RadarView Profile

20+ 55+

PoCs delivereddelivery

locations

Framework-based

approach to

blockchain pilots. Wide

range of PoCs. Luxoft’s

acquisition to

strengthen its

blockchain offerings.

Practice Maturity




• Developed a blockchain-based solution for an Australian multinational bank to give its

customers their own digital identity they can control. The solution has resulted in sharing,

creating, and validating documents across organizational boundaries.

• Connected the legacy system of a major healthcare provider in the US using a private

blockchain to share and update real-time accumulators in a secure, reliable, and auditable

way. To automate the deployment of the blockchain network, it built a Hyperledger Fabric

network inside of AWS using some AWS tools and services.

• Created a P2P blockchain solution using R3 Corda and AWS for a leading global hotel

reservation company to allow private, secure and user-friendly hotel-to-corporation

communication. The system significantly increases transparency for all participants, efficiently

manages business transactions in an untrusted environment.




N/A


70 countries across the globe


• Chain of Custody (CoC)-

TrackeR - A framework for asset

tracking in supply chain

• SSI Integration - Decentralized

identity and access control

blockchain security framework

• XI-DApper - A reusable

component to deploy Dapps

quickly

• Blockchain Bridge - An

accelerator to develop pilots

with other technologies

• An Australian multinational bank

• A leading global hotel

reservation company

• A major healthcare

organization in the US

Platform Provider

Enterprise

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




43

Analyst Insights

• DXC's global blockchain practice focuses primarily on facilitating blockchain adoption strategy and rapid prototyping for its clients across banking,

financial services, insurance, retail, and healthcare.

• Its recent acquisition of Luxoft (June 2019) brings together 2 blockchain teams, leverages Luxoft's offerings in financial and engineering services, and

expands its footprint in Europe.

• It has taken a framework-based approach to blockchain pilots, which involved consent management, self-sovereign identity, supply chain tracking,

etc. It has demos and other blockchain initiatives, some of which are accessible through its portal.

• In addition to in-house development, it has leveraged its partner network with blockchain platform providers to develop solutions. It has built expertise

in working on Corda, Ethereum, Hyperledger, and Quorum. Various cross-industry applications such as trade settlement platforms are built on these

platforms.

Practice Maturity



DXC : RadarView Profile

• DXC’s recent USD 2B acquisition of Luxoft strengthens its portfolio of digital offerings in essential technology areas including analytics, IoT, and

blockchain. Luxoft is a consulting and software development firm that has an already established digital delivery footprint with a workforce of 13,000

professionals.

• It continues to establish labs and innovation centers to develop blockchain prototypes and solutions and to expand its network across different

geographies. In October 2018, it opened an innovation lab in Singapore to co-create blockchain prototypes and solutions with customers and partners

across Asia. In June 2019, it inaugurated its innovation center in London to extend its digital network in the UK.

• DXC is actively engaged in promoting blockchain technology by organizing, sponsoring, and participating in key blockchain events and conferences.

For instance, one of the speakers at BlockWalks 2019 Public Conference is the blockchain expert from DXC. There is also a panel discussion on how

blockchain technology will drive the future.

• It has disseminated its views, insights, research, and opinions in the form of blog posts and articles that address the security challenges in blockchain, its

disruption across industries such as healthcare and insurance, etc. In February 2017, it also surveyed a total of 100 specialists and executives from

German banks with a market research institute for the study "Blockchain: Evolution or Revolution?"

44

Industry Coverage


EPAM : RadarView Profile

650+ 20%+

technology professionals

YoY organic revenue growth

In-house blockchain

solutions primarily on

Ethereum. Wide

breadth of blockchain

use cases.

Practice Maturity




• Developed a Java-based enterprise application for a London-based global leader in

information, analytics, and solutions for major industries and markets. The application uses

blockchain as a storage and communication layer with business logic execution on smart

contracts.


• Active Clients: 0


N/A


over 25 countries


• Digital Assets Management

Platform - An Ethereum-based

platform for asset management

• Digital Notary Services - An NXT-

based notary solution

• An oilfield services company

• A London-based global leader

in information, analytics and

solutions

• One of the top 5 major oil and

gas companies

Platform Provider

Enterprise

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




45

Analyst Insights

• EPAM is one of the few global software engineering firms that focus on blockchain. In 2016, it established a Blockchain Competency Center to provide

service offerings in developing and implementing blockchain solutions.

• It started its practice with over 20 professionals with backgrounds from different industries, including financial services, healthcare, insurance,

government, media, and retail. The practice focuses on identifying and qualifying blockchain use cases across these verticals. Few examples of such

use cases are collateral management, public and private record-registries, and royalty distribution.

• Leveraging its strength in engineering services, it has developed expertise on open-source platforms such as Ethereum and NXT and has created in-

house solutions on Ethereum, such as Digital Asset Management Platform, Open Betting Platform, and Loyalty Network.

Practice Maturity



EPAM : RadarView Profile

• To accelerate its implementation of blockchain in the supply chain, digital direct marketing, and anti-counterfeiting, it made a seed investment in a

blockchain start-up Sigmaledger in November 2018. Along with the Blockchain Competence Center, it has plans to form a division of IT specialists in its

Ukraine Kharkov office to work on this project.

• EPAM has developed a fair amount of thought leadership content in the form of blog posts and white papers. These cover many of the predictions

about the impact of blockchain on industries.

• It also participates in events and conferences to promote the blockchain technology. In July 2019, it sponsored the Unconventional Resources

Technology Conference (URTeC) in Colorado that had over 6,000 attendees and 300 technical presentations. Here, EPAM also shared one of its

industry solutions that leverages blockchain.

46

Industry Coverage


HCL : RadarView Profile

100%+ 110%+Blockchain

services growth


Proprietary blockchain application platform for

rapid blockchain implementation.

Framework-based approach. Focus on multiple industries.

Practice Maturity




• Built a blockchain-based artwork tracking system to bring artwork traceability from creation

to its receipt by the museum. The chain of custody data is stored in the system.

• Redesigned the reference data for a leading South African bank using. Previous reference

data management system had data synchronization issues leading to inconsistencies,

inefficiency and potentially fraudulent activities.

• Built patient data management system on blockchain for a European healthcare provider.

This enables patient with the real-time view of his/her care provided by different stakeholders,

including doctors, hospital, diagnostic centre and pharmacist. The patient can provide

blockchain-based consent for the access of his/her data to the relevant stakeholders.

• Built a decentralized digital identity platform for a European insurance provider that stores

identity verification and KYC documents-related information and can be integrated with

other onboarding processes.




• Delivery Highlights: HCL CoTrust,

Blockchain Application

Platform, CoTrust Console


• CoTrust - Blockchain application

platform

• CoTrust Console - Blockchain

framework for onboarding &

operations

• RACE - Use case evaluation

framework

• SecurBlock - Blockchain security

framework

• Pilot Program - Design thinking-

based MVP Development

• Global enterprise information

management firm

• A leading bank in South Africa

• An art management company

• An enterprise software

company

• A leading European healthcare

provider

• A European insurance provider

Platform Provider

Industry Consortium

Enterprise

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




47

Analyst Insights

• Since the incubation of its blockchain practice 4 years ago, HCL has been supporting its blockchain projects through its established CoE, which is under

its Digital and Analytics practice. HCL Blockchain team includes blockchain architects, industry and business experts, developers and technology

evangelists. It has been developing blockchain solutions across all industries and has some pilot cases close to production.

• HCL leverages its blockchain application platform CoTrust and operations framework for onboarding and operations known as CoTrust Console to

accelerate its clients' blockchain journey. To bring standardization in its offerings across security, use case evaluation, and MVP development, it has

created 3 frameworks: SecureBlock, RACE, and Design Thinking-based MVP approach, which form key IPs in its vast portfolio of assets.

• To strengthen its ecosystem in this space, HCL has partnered with universities, legal experts (for smart contracts related governance), start-ups, etc.

• Started with financial services, HCL has now expanded across Healthcare, Media & Entertainment, Hi Tech and manufacturing by implementing 40+

blockchain use cases and generating 15+ MVPs. Some of its key cases are supply chain track-and-trace, invoice discounting, and decentralised KYC.

Practice Maturity



HCL : RadarView Profile

• HCL’s established blockchain CoE enables capabilities around blockchain research, development, innovation, thought leadership and training

programs. It develops and refines blockchain frameworks for production-level implementations on an ongoing basisHCL Blockchain CoE has plans to

integrate with other emerging technologies such as IoT, RPA and AI to attract more prospects across industries.

• HCL recently partnered with AWS to make CoTrust available on the AWS marketplace. HCL has co-innovation partnership with SAP through which it

made CoTrust available on SAP blockchain and also developed track-and-trace and supply chain use cases.

• HCL has showcased its thought leadership in various white papers and blogs around topics like clearing and settlement, healthcare, procure to pay

and more including a paperback book published around Blockchain maturity, that presents an overview of the technology to date.

• As for key blockchain events and conferences, it participated in Coindesk's annual blockchain technology summit, Consensus 2018 as well as in

London Olympia 2018, which showcased the latest developments in the blockchain space.

48

Industry Coverage


Hexaware : RadarView Profile

50+ 30+

use cases with fintech team

offices across the globe

Rapidly evolving

provider. Strong

emphasis on Fintech.

Active thought

leadership.

Practice Maturity




• Developed a blockchain distributed app prototype for over-the-counter derivative

transactions at the fintech lab of a Japanese investment bank. The prototype was used to

streamline an exhaustive email exchange process during a typical negotiation seen during

an over-the-counter derivative transaction.

• Enabled an asset tracking system for a large original equipment manufacturer in managed

print servicing space. The system allows the manufacturer to reclaim the assets out of the

lease and avoid revenue loss. Implemented IoT-enabled smart contracts on blockchain for

the automated triggering of actions to comply with agreed contractual terms.




25+

• Delivery Highlights: EPIC

Framework for blockchain

adoption


• Multi-cloud Blockchain

Incubation Sandbox - Sandbox

environment for multi-cloud and

on-prem deployment options

• EPIC Framework - A framework

for blockchain adoption

through all the stages of the

lifecycle

• A Japanese investment bank

• Large OEM in managed print

servicing space

Platform Provider

Startup

Industry Consortium

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




49

Analyst Insights

• Hexaware established its blockchain practice through its blockchain technology lab in 2017 to help its customers evaluate the right set of tools and

platform for their blockchain initiatives. Currently, its services are mainly on blockchain development, infrastructure and network management, and

testing and support/maintenance.

• It has experience in delivering blockchain solutions to its customers on specific use cases in lease finance, blockchain-based asset tracking solutions,

IoT-enabled smart contracts for automatic usage tracking of assets, and invoice payments.

• Its partnerships are centered on deep relationships with niche start-ups, industry consortia, open-source developer community, and

academia/research. It has showcased expertise on different blockchain platforms and has built PoCs such as trade finance using Hyperledger Fabric,

OTC Trade Settlement using R3 Corda, etc.

Practice Maturity



Hexaware : RadarView Profile

• To develop expertise on blockchain platforms, Hexaware is developing products and releasing them in the public cloud marketplace (AWS, Azure, and

Google). One of these products is a multi-cloud blockchain incubation sandbox to provide a sandbox environment for several deployment options

(Google Cloud Platform, AWS, and IBM BlueMix). It is also building a Smart Contract Accelerator Pack and industry-standard business templates.

• It has established an innovation lab for conducting research and applied innovation on trends related to blockchain technology. The lab works with

the blockchain unit to develop use cases and solutions.

• Hexaware actively participates in key blockchain events and forums. As a panelist at the Global Blockchain Forum on October 2018, its leadership has

spoken on critical blockchain topics such as interoperability, standardization of protocols, and business model transformation with blockchain. With a

particular interest in the Fintech space, it has conducted Fintech hackathons. It is also a Gold sponsor of the Fintech Innovation Assembly 2018 that

conducted various sessions on innovation in financial services.

• Its in-house thought leadership activities include publishing various white papers and blog posts. One of its white papers was about leveraging

blockchain to transform citizen services.

50

Industry Coverage


IBM : RadarView Profile

27+ 80+

Blockchain patents

Blockchain production

networks

Industry trailblazer with multiple live

engagements. Active in consortia for industry-

specific solutions. Established thought

leadership.

Practice Maturity




• Enabled a blockchain network for Golden State Foods in Jan 2019 to track food products in

the supply chain. The sensor data is integrated with IBM Blockchain to create a secure ledger

to be used by individual stakeholders, thus improving visibility and accountability.

• Worked with the American Association of Insurance Services (AAIS) in Aug 2018 to build an

open blockchain network, openIDL, that streamlines regulatory reporting and provides

insights for insurers, while enhancing timelines, accuracy, and value for regulators.

• Built the we.trade platform on the IBM Blockchain with London Stock Exchange to digitize the

issuance of securities for SMEs in Europe. It simplifies the tracking and management of

shareholding information, thus increasing insight into company information.

• Collaborated with a group of healthcare payers and providers in Jan 2019 to create a

blockchain network that enables healthcare companies to build, share and deploy solutions

including efficient claims and payment processing and accurate provider directories.

• Practice Size: 11,000+



6000+

• Delivery Highlights: IBM

Blockchain platform, an

enterprise-ready blockchain

platform


• IBM Blockchain platform -

Enterprise-ready blockchain

platform

• Tradelens - The global supply

chain platform

• IBM FoodTrust - A software-as-a-

service solution for food supply

chain

• Trusted Identity - For

decentralized identity

management

• London Stock Exchange

• The American Association of

Insurance Services

• Golden State Foods

• Maersk

• Ford Motor company

• State of Delaware

• A large health insurance

provider

• A large pharmaceutical

manufacturer

Platform Provider

Enterprise

University/Academia

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




51

Analyst Insights

• IBM has a long provenance with blockchain. It has strong credentials in the industry and extensive experience in collaboratively designing and

launching enterprise business networks. It has focused on executing the solution for a business challenge rather than the technology itself.

• To solve critical industry challenges ranging from secured and transparent supply chains to trust in food products, IBM has built and joined new business

networks. It has active joint ventures spread across the globe through which it has created solutions such as Tradelens, a blockchain-based global

supply chain platform designed in collaboration with Maersk and supported by major industry players.

• Its IBM Business Value Design is delivered in collaborative garage environments right at the beginning of the project to focus on how business values

can be driven. It also has an offering to drive the full blockchain ecosystem and get participants onboard.

• Its IBM Blockchain Platform, a fully integrated enterprise-ready blockchain platform, facilitates clients' blockchain adoption journey in more cloud

environments besides IBM Cloud. It is also leverages IBM Watson to combine cognitive capabilities with blockchain.

Practice Maturity



IBM : RadarView Profile

• IBM has emphasized creating and utilizing reusable solutions, assets, and design artifacts. These include IBM Provenance engine, Secure ID, Secure

Digital docs, IBM Food Trust (for supply chain transparency), and Tradelens (for shipping and transport digitization).

• It has over 20 innovation centers across the globe and has over 25 blockchain-related patents in its portfolio. It has put significant investments that are

focused on driving technology innovation, business innovation, and growth of talent/skill. To accelerate the blockchain capability across the IBM

enterprise, it is providing over 75,000 certifications and badges to the entire 400K+ IBM population.

• IBM has made substantial technical contributions to the blockchain industry. As a founding member of Hyperledger, it has donated initial code,

developers, and intellectual property to Hyperledger projects such as Fabric and Composer. As an established thought leader in this space, it

contributes and sponsors industry discussions, events, sessions, hackathons, and conferences.

• It has added blockchain to the IBM Academic Initiative, a program that provides educators and students with training resources to develop market-

ready blockchain skills. It is also partnering with Columbia University to create the Center for Blockchain and Data Transparency to drive the research

on blockchain and data encryption.

52

Industry Coverage


Infosys : RadarView Profile

85+ 170%+

Blockchain use cases


Vast portfolio of solution

accelerators and

platform. Strong

partnerships. Robust

thought leadership.

Practice Maturity




• Created a blockchain network on the supply chain of coffee bean for a leading agro

commodity supplier for their provenance and tracking throughout the lifecycle. The solution

resulted in real-time visibility and documents digitization that reduced audit costs.

• Built a blockchain network that optimized the ongoing processes of a tax department,

including an exemption on interest and mortgage, consolidated tax statement, and business

tax certificate. This resulted in faster processing, tax compliance, and full visibility of liabilities.

• Helped a large North American bank gain process efficiency by bringing the entire trade

lifecycle of bond issuance between the bank and another bank on R3 Corda.

• Helped a large bank in the verification and reconciliation of farm loans against inventory

(farm vehicles) position with dealers using IoT and blockchain. The solution reduced the cost

of oversight and enabled timely reporting and payment remittal.




700+

• Delivery Highlights: Intelligent

Application Platform that

converges multiple

technologies


• Intelligent Application Platform -

Application development

platform using IoT, analytics, ML

and blockchain

• Identity platform - For self-

sovereign identity and personal

data management

• Finacle Payment Connect -

Platform to digitize the payment

processes

• NIA provenance application -

Platform for asset traceability

• A US coffee company

• A large North American bank

• A leading food and agri-

business company

• A government agency for tax

collection in India

• A large Australian bank

• A supply chain tech provider

• A Canadian bank

• A post-trade financial company

Platform Provider

Industry Consortium

Enterprise

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




53

Analyst Insights

• Infosys' independent blockchain service line has now become a dedicated practice with its business development, marketing, delivery, research,

training, and operations teams working across the globe. The practice not only provides end-to-end blockchain capabilities but also enables

blockchain integration with other emerging technologies.

• It focuses on organizing working groups in every industry to develop industry-specific use cases, solutions, and strategies. These working groups

collaborate closely with the blockchain practice to further enhance its offerings.

• It has been accelerating its clients' blockchain adoption journey through its vast portfolio, which contains 45+ accelerators, including the Infosys

Intelligent Application Platform (IIAP) that addresses use cases requiring the convergence of emerging technologies.

• It has successfully deployed live enterprise blockchain networks and ready to onboard networks such as cross-border remittance and government

taxation (supposed to go live soon). It leverages its partnerships and facilitates consortium development to drive this network effect.

Practice Maturity



Infosys : RadarView Profile

• EdgeVerve, Infosys' wholly-owned subsidiary, develops products in emerging technologies, including blockchain. NIA provenance, its flagship

blockchain offering and Finacle Blockchain Frameworks (for payments and trade connect network) were developed by EdgeVerve. It also leverages

capabilities from its R&D unit, Infosys Center for Emerging Technology Solutions (ICETS) to bring cutting-edge applications to its clients. It is heavily

investing in the integration of emerging technologies through ICETs.

• It is significantly investing in innovation hubs across the US, Europe, and Australia and establishing dedicated industry-specific blockchain experience

labs in delivery centers across the globe. The clients and partners can co-build and showcase solutions through these innovation hubs.

• Infosys has been active in developing and disseminating its blockchain-specific points-of-view through blogs, podcasts, videos covering blockchain

across industries (agriculture, education, e-governance), the future of blockchain, the possibilities around this technology, etc. It has significantly

invested its time and efforts in developing the blockchain industry by participating in various events, conferences sponsored by consortia such as

ASSOCHAM and R3 Corda. It has also showcased its solutions in external events such as Oracle Open World, Modern Business Experience, CordaCon.

• It is heavily engaged in organizing workshops for blockchain training and awareness and has completed 2900+ total workshops and trained 1500+

resources on advanced blockchain topics.

54

Industry Coverage


LTI : RadarView Profile


services growth


Strategic focus on

Blockchain. Robust

partnership ecosystem.

Strong thought

leadership and market-

developing initiatives.

Practice Maturity




• Implemented a blockchain-based solution on cloud for a leading consumer goods company

to improve efficiency in its supply chain that spans across India and the US. It maintains

crucial information from 10 suppliers, 2 quality labs, freight forwarders, among others.

• Developing a multilateral blockchain platform for an international development bank to

record multilateral agreements between nations and facilitate public and private services

that tend to supply chain, public welfare schemes, etc. between countries.

• Developed a blockchain-based solution for a leading contract manufacturer to mitigate

disputes, maintain consistency to information, and reduce the turnaround time of several

processes between the supplier and the client.

• Built a blockchain-based platform for a global insurance major that offers confidentiality of

information between the carriers and brokers involved, enabling the required level of

transparency and visibility in the network, and eliminating data mismatch.




200+

• Delivery Highlights: Blockchain

accelerator program to identify

right use cases


• Raspberry Pi-based Supply

Chain - Fully Integrated RPi with

nodes running on Ethereum

• Blockchain Readiness

framework - Assesses the

suitability of Blockchain solution

• NF Confirm - A prototype to

address the issue of counterfeit

in the supply chain

• Echochain - An AI-based

prototype for retrieving

information from Blockchain

• A US multinational consumer

goods corporation



• An international financial

institution

• A leading Nordic payment

processor

• A global insurance organization

• A leading pharma

manufacturer

Platform Provider

Industry Consortium

Enterprise

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




55

Analyst Insights

• LTI has identified blockchain as a key to its growth strategy over the last few years. The practice has matured and caters to a diverse client base in BFSI,

manufacturing, retail and CPG.

• The company leverages its ready modules and reusable frameworks to fast-track PoC development. It has successfully supported its clients' blockchain

adoption journey from PoC to pilot and now, to production. It has one live engagement going on with a US multinational consumer goods corporation

in which it has implemented a blockchain-based solution for increasing the latter’s supply chain efficiency.

• Its delivery of solutions using blockchain technology to the clients is supported by its strong alliances with Microsoft, Oracle, IBM and SAP, in addition to

the expertise it has built early on enterprise-ready platforms such as Ethereum, R3 Corda and Hyperledger. Many of its projects have leveraged

Ethereum in the areas of trade finance, identity management, asset tracking, and supply chain management. It has also delivered projects using other

platforms such as Stellar, Quorum, and Multichain.

Practice Maturity



LTI : RadarView Profile

• Focused on blockchain scalability, interoperability, and security, it has interests in start-ups and projects in these areas. It recently partnered with Orbs,

the blockchain stack that provides scalability between virtual chains. Also, it is keen on integrating blockchain with other emerging technologies such

as analytics and IoT and is designing proprietary solutions using RFID technologies such as NFC chips to guarantee the authenticity of goods. It is

currently building an analytics engine.

• Besides external hiring, it has plans to build robust training modules. To identify opportunities across geographies for blockchain-based implementation,

it has introduced Blockchain Jedis who work with both existing clients and prospects.

• Being an active member of the Enterprise Ethereum Alliance and of several working groups, it is enhancing the platform by developing industry-specific

solutions. In June 2018, it was awarded Microsoft Partner of the Year for creating a solution for a global contract manufacturer, besting 2600

nominations. It has been leading and contributing to blockchain market development initiatives through various competitions and challenges, one of

which is Infiniti, a case study competition in which over 400 teams registered and designed over 120 solutions.

• Since last year, it has been active in developing and disseminating its blockchain thought leadership content in multiple blogs, white papers, webinars,

guidelines, and sessions.

56

Industry Coverage


Mphasis : RadarView Profile

200% 33%Growth in certified

resources


Strong emphasis on

business case

development. Point

solutions across BFSI

and healthcare.

Practice Maturity




• Helped a global bank build a comprehensive sanction screening solution based on

Hyperledger. This helps block funding for terrorist activities, money laundering, and the drug

trade if included governments’ lists of sanctioned entities. Every payment processed by the

bank gets checked against these sanction lists.

• Built a blockchain-based medical payment solution with a large broker to make the claim

status available to all patient stakeholders, hospitals, and the insurance company. A hospital

accesses the policy details from the patient, initiates the claim estimate, and notifies the

broker. It then proceeds with the treatment as soon as the broker approves the documents

and the claim amount.

• Enabled a shared, decentralized network between principal stakeholders (importer, exporter,

port authorities and banks) to address issues related to the time-consuming document

verification process, the occurrence of fraudulent activities, and others.


• Active Clients: 8


• Delivery Highlights: Business case

framework to create strong

business cases


• MongoDB Controller - Uploads

and retrieves files from

MongoDB.

• DashBoardGeneric - Generic

blockchain explorer for

Ethereum and Quorum

blockchain.

• DeployContracts - A tool to

deploy a smart contract on

Ethereum or Quorum

blockchain



• A large broker

Platform Provider

Startup

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




57

Analyst Insights

• Mphasis has identified business case development by enterprises as the biggest challenge in large scale blockchain adoption. It has taken an

interesting approach by developing a program that helps enterprises with this challenge. It has identified a 10-12 week process to create a strong

business case covering costs, benefits, and risks to help its clients move from PoCs to the production stage.

• It has built several PoCs for clients in banking, financial services, insurance, healthcare, and life sciences. One of its projects involves 9 banking leaders,

including Citigroup and Barclays, building LedgerConnect, a blockchain-based application that addresses collateral management.

• It is also leveraging its partnership to build blockchain solutions. As a founding member of Multichain, an open-source, freely downloadable blockchain

solution, it leverages its close relationship with Multichain's engineering team and early access to Multichain releases.

Practice Maturity



Mphasis : RadarView Profile

• It has done design and development work for dApp and has built several dApps for the marketplace. Through its blockchain CoE established in 2016, it

has been implementing R&D initiatives and now has a target of registering at least one patent this year and develop more innovative solutions and IPs.

Besides BFSI and healthcare, it has started to building solutions for the manufacturing sector.

• It has plans to expand its blockchain capability through more industry engagements and partnerships. For instance, it is collaborating with BigChainDB

to build a trade finance solution.

• Mphasis is working with a consortium of banks on 2 pilot projects: a sanction-screening solution and a semantic smart contracts development. It is

helping these banks by designing an architecture framework to implement blockchain.

• It demonstrated its blockchain capability in the recent NASSCOM Technology and Leadership Forum 2019. Its thought leadership content are

disseminated in the form of articles, one of which is about bringing blockchain to financial services. It plans to develop more thought leadership

content.

58

Industry Coverage


NTT DATA : RadarView Profile


services growth


Significant focus on

blockchain R&D and

interoperability

capabilities. Vast range

of frameworks and

patents.

Practice Maturity




• Building a blockchain-based application with the research and innovation center of the

Italian Banking Association (ABI) for interbank reconciliation of the entire banking system in

Italy. This will provide higher data transparency and visibility, faster execution, and the

possibility of performing checks and exchanges directly within the application. New tests are

underway to check on the robustness of the platform for 200 banks, and 200 MN data items.

• Helped Singapore rebuild its trade platform (National Trade Platform) to connect with Hong

Kong and other countries. The platform provides digitized trade documents where data

originality is guaranteed per transaction. Only certain users with the right authority can

access data securely and utilize it to support timely decision-making.

• Built a blockchain-based supply chain platform with NEDO, a Japanese national research

agency, that involves importers, exporters, forwarders, and customs companies to improve

productivity and shorten lead times for processing export documentation.




100+

• Delivery Highlights: 4 innovation

labs across the globe


• Blockchain One-Stop

Environment (BCOSE) - A

framework to pursue

blockchain environments

• BlockTrace - A supply chain

solution

• Platform Selection Framework -

Evaluates technology platform

• Document verification - Verifies

if a document has been

tampered with

• Associazione Bancaria Italiana

(ABI)

• Inter-American Development

Bank (IDB) Group

• Singapore National Trade

Platform

• New Energy and Industrial

Technology Development

Organization (NEDO)

Platform Provider

Startup

Industry Consortium

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




59

Analyst Insights

• Having started its practice in 2015, NTT DATA has expanded its blockchain practice across 20 countries. Being a founding member of the Hyperledger

Foundation and contributor to projects like Hyperledger Iroha and Quilt, it is in an excellent position to help its clients in their blockchain journey.

• The strong technical expertise built through its rigorous R&D initiatives helps its clients explore the feasibility and availability of blockchain technology. In

addition to the R&D initiatives, it leverages its partnership network that involves enterprises such as SAP, Microsoft, and Oracle to collaborate on

enterprise solutions.

• The breadth of use cases across key industries and frameworks offered by NTT DATA has resulted in it moving beyond the PoC and pilot stages to the

production stage. It is the sole system integrator working in Italy with ABI lab (the banking research and innovation center of the Italian Banking

Association) to provide higher data transparency and visibility, faster execution, and the possibility of performing checks and exchanges directly within

the application for 200 banks across the whole country and 200 million data items.

Practice Maturity



NTT DATA : RadarView Profile

• NTT DATA has focused on building blockchain applications through its 4 innovation labs. One of its initiatives is the Blockchain One-Stop Environment

(BCOSE), a services framework for the major blockchain architectures (Hyperledger, Ethereum, Corda, Quorum, etc.). In addition, it has 4 approved

patents and 10 patents pending.

• As part of its Interledger strategy, it is building out interoperability capabilities that enable clients solutions to communicate with other blockchain

platforms. It is creating a reusable and extendable Interledger Java set of utilities in collaboration with Ripple.

• It has also invested in blockchain startup Skuchain to build an integrated blockchain IoT platform for the enterprise supply chain.

• NTT DATA is a very active member of various consortia. Being a founding member of the Hyperledger consortium, it is contributing to the overall growth

of blockchain technology. It helped establish Hyperledger Quilt and contributes to Hyperledger Iroha projects. Besides this, it is also the founding

member of the Alastria consortium and a member of EEA and R3 Corda.

• It has been engaging with key blockchain events and discussions. It recently delivered a session in Consensus 2019 held last May 15-19 on the topic Are

Banks Disrupting Themselves Yet? A DLT Reality Check.

60

Industry Coverage


TCS : RadarView Profile

100+ ~20

blockchain prototypes

innovation labs

Product-based

approach. Leverages

Quartz Smart Solutions,

its proprietary set of

blockchain solutions.

Rich partner network.

Practice Maturity




• Built a PoC for ABN AMRO Bank's clearing and settlement services by experimenting with the

issue and transfer of securities and tokenized cash balances in a distributed ledger between

issuers, clearing banks, and investors. The solution gave insights to the bank on the integration

of legacy with blockchain.

• Used Quartz blockchain for the non-exchange trade settlement of the Canadian Depository

for Securities. The PoC was part of a large market infrastructure transformation program

aimed modernizing the depository, clearing and settlement services in Canada. The system

can be extended in the future to support interoperability with external blockchain networks,

such as cash settlement.

• Built a pilot for Standard Bank of South Africa in Oct 2018 that involved using the Quartz

Blockchain technology for cross-border corporate action information exchange using the

TCS BaNCS Network.




N/A

• Delivery Highlights: Quartz-TCS'

blockchain solution


• Quartz Gateway - A single,

smart channel to integrate

existing applications with

blockchain platforms

• Quartz Dev Kit - A smart

contract development kit

• Quartz Command Center -

Administers and maintains

oversight of the entire

blockchain network

• Standard Bank of South Africa

• Canadian Depository for

Securities Ltd.

• Maroclear

• Kuwait Clearing Company

• BNP Paribas Group

• ABN AMRO Clearing

Platform Provider

Enterprise

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




61

Analyst Insights

• TCS started its blockchain practice in 2014 with the establishment of a dedicated Center of Excellence to demo use cases and PoCs across the

banking and capital markets domains. Currently, it provides a structured approach through its Business Value Delivery Model (BVDM) to help its clients

by identifying relevant innovation opportunities to improve business value.

• It leverages its Quartz Smart Solutions to accelerate its clients' blockchain adoption. Some of the readily available solutions are Quartz Contract

Authoring, Quartz Loan Securitization, Quartz Reward Points, and Quartz KYC.

• It has a rich partnership network and alliances with global blockchain players, including IBM, Microsoft, and SAP to gain early access to technology

advancements. Currently, it is offering its solutions and services in 9 leading blockchain platforms that include prominent providers Hyperledger,

Ethereum, and R3 Corda.

Practice Maturity



TCS : RadarView Profile

• TCS is currently developing 5 blockchain platforms for digital identity, track and trace, assets in common, asset monetization and tokenization on Azure

blockchain cloud and R3 Corda. In June 2019, it announced its partnership with SAP for a blockchain medical device supply chain initiative.

• In addition to its already established 19 innovation labs across the globe, it opened an innovation hub in July 2019, TCS Pace Port New York, in

partnership with the Cornell Tech graduate school to research, develop, and commercialize the latest technologies, including blockchain.

• It is considering inorganic means to drive blockchain services growth by including more IPs and improving services portfolio and market reach.

• TCS is actively participating in forums and events to promote the blockchain technology and to showcase its blockchain services to the industry. In May

2019, the TCS Global Head spoke on driving value from the blockchain at Consensus 2019 held in New York.

• It also uses its thought leadership capabilities to disseminate its insights and views through blog posts and white papers. They cover blockchain security

and economic incentives, IoT and blockchain potential in the supply chain, blockchain in the software product industry, and many more.

62

Industry Coverage


Tech Mahindra : RadarView Profile


services growth


Robust partnership ecosystem with niche

emerging players. Industry-specific

blockchain solutions. Exponentially growing

practice.

Practice Maturity




• Created an internal tool for a British global bank to measure the efficiencies generated by

business teams and track utilization of resources that help the global onboarding team with

visibility to plan and allocate better. The project is now live.

• Built a cross-border remittance audit platform for a large Indian public sector bank for the

India-Nepal gateway. The solution provides near real-time reporting and auditing ability for

cross-border transactions. The plan is to put 25+ corridors on the blockchain.

• Created a blockchain-based system for a Benelux-based cable and telecom operator to

manage common processes such as work orders and payments. The solution enables

efficient network planning though smart contracts.

• Working with the Indian regulator of the telecommunications sector to develop a DLT-based

regulatory compliance platform to restrict unsolicited customer calls for large telecoms in

India. This live solution caters to around 400 million subscribers.



• Certified/Trained Resources: 10-

30

• Delivery Highlights: Block Studio,

dApp marketplace with 14

dApp apps and 6 protocols


• Consent-as-a-service - Consent

management platform

• Block Activity - Explorer that

gives network activities insight

• Application Templates -

Accelerators for quick POCs

• Automation script - To

accelerate multi-node

blockchain setup on cloud and

on-premise

• The regulator of the

telecommunications sector in

India.

• A large cable and telecom

operator in Benelux

• An American semiconductor

and storage company

• A large American automobile

company

• A global British bank

• A large Indian public sector

bank

Platform Provider

Startup

Industry Consortium

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




63

Analyst Insights

• As part of the strategy of becoming the leading blockchain company, Tech Mahindra has identified and is working on a holistic framework to create

industry-specific blockchain applications.

• Leveraging a consulting-led approach to address clients' business problems through the blockchain 3I framework (implementation, integration and

infrastructure), it has adopted strong co-innovation and co-development methodology with clients. It also provides professional services to its clients in

which it partners with the technical department of its clients to create blockchain PoCs.

• Focusing on emerging trends in this space, it is collaborating with niche players in the market that includes several start-ups, universities, digital ledger

technology providers, and governments to develop blockchain solutions. Recently, it initiated a GTM partnership with DLT Labs for solutions such as

Asset Tracking Blockchain PaaS. It is working with its partner platform, I2C Chain, in designing enterprise security solutions.

Practice Maturity



Tech Mahindra : RadarView Profile

• Tech Mahindra has identified inorganic investments as key to enhancing its IP portfolio, add new clients, and new platforms. Recently, it has invested in

IntainFT, a blockchain-based loan securitization solution provider, to promote the solution in the Indian and the European markets. In June 2018, it also

invested in TradeIX, a trade finance platform, to use it across domestic banks in India.

• It is significantly investing in upskilling and cross-skilling its resources through programs such as BlockGeeks in which they get instant access to blockchain

training from the world's blockchain experts. It also has partnerships with IBM, NASSCOM, R3, etc. to certify its employees on different blockchain tools.

• Leveraging its strong presence in the Indian market, Tech Mahindra has collaborated with the Government of Telangana, Eleven01 (India's first

blockchain protocol), IIIT-Hyderabad and CDAC to help Telangana emerge as the Center of Blockchain Industry in the world.

• It has been a part of various Industry consortia, including BiTA and IOTA. It has a strong connection with BiTA, participating in meet-ups and showcasing

its use cases in logistics and supply chain domain. It is also taking BiTA beyond the US to develop standards in the logistics industry globally.

• It has participated in various events and conferences and produced a lot of thought leadership content. It is an active speaker in key blockchain

events such as the Internet and Mobile Association of India (IAMAI) event on "Blockchain for Social Good".

64

Industry Coverage


UST Global : RadarView Profile


services growth


A Hispanic focused

provider. Focus on

blockchain education.

Innovation-as-a-service

at client's location.

Practice Maturity




• Built One Pay-FX, a blockchain-based international money transfer service, for a Spanish

bank. The real-time transfer between the banks is made on the Ripple network, a real-time

gross settlement system, currency exchange, and a remittance network.

• Developed a blockchain-based loan tokenization system where loans are converted into

digital assets and stores associated documents in a parallel blockchain. This provides data

integrity and confidentiality.

• Worked with a leading London-based law firm to improve the current procedure for the

aircraft sale agreements. Ownership of the aircraft is tokenized as a digital asset, the transfer

of which is recorded in the blockchain and is related to the smart contract.

• Developed a blockchain-based food traceability solution for a Fortune 1000 retail company

that stores the data generated from the product traced by participants. It also involves big

data and business intelligence to carry out an exhaustive analysis of the data generated.


• Active Clients: ~10


N/A

• Delivery Highlights: EasyBC

Manager to manage

blockchain deployments


• EasyBC - A web-based interface

to deploy blockchain solution

• A leading Spanish multinational

commercial bank

• A leading Spanish electric utility

company

• A global professional services

firm

• A leading London-based

multinational law firm

• A US-based Fortune 1000 retail

company

• A leading Colombia-based

government institution

Platform Provider

Industry Consortium

Enterprise

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




65

Analyst Insights

• Started fairly early in this space, UST Global offers its blockchain offerings spanned across consulting, PoC and MVP development, and maintenance

through its Centre of Excellence. Through this CoE, it approaches clients' business issues through market research, defines roadmaps including training

and assessment programs and develops products.

• It is a Hispanic-focused provider, with its clients are mostly in Spain and Latin America and are in the utilities, legal and banking industries. Its live

engagement is with a leading Spanish bank to make international money transfer fast and secured using blockchain.

• It emphasizes working closely with its clients by setting up an innovation lab at the client's location that comprises a dedicated team to train the client,

discover new use cases, develop prototypes, and scale.

• Even though it has focused on Hyperledger Fabric, it is also exploring hybrid blockchain, in which both private and permission-less blockchain can

interact with each other. It is has a strategic interest in working with Polkadots because it believes that Web 3.0 is the next big thing.

Practice Maturity



UST Global : RadarView Profile

• UST Global is focusing on vital research and development areas to develop new solutions and assets. In fact, half of its planned investments are geared

towards asset development. It is also actively involved in setting up innovation labs in several countries. One of its in-house-developed accelerators is

EasyBC, which is a web-based solution to manage blockchain deployments.

• It has plans to expand its services across South America, Europe, and the US. It is also establishing partnerships with leading blockchain platform

providers and enhance its capabilities in key blockchain technologies to help its clients in their blockchain adoption journey.

• As one of the co-founders of the Alastria network, a Spain-based multi-sectoral blockchain consortium, it is active in developing and providing

blockchain networks for companies to distribute their solutions.

• It continually conducts training sessions via partnerships with universities. It has a dedicated team for enterprises that want blockchain training and has

developed a proprietary training program in order to turn a senior developer into a fully-competent blockchain specialist in 6 weeks. It also conducts

hackathons.

66

Industry Coverage


Virtusa : RadarView Profile

100+ 20+ Pre-compiled

blockchain use cases

Solution accelerators

Research-focused provider. Proprietary blockchain protocol. Strong collaborations

with both permissioned and permission-less

protocols.

Practice Maturity




• Developed a blockchain-based EHR management solution for an insurance provider based

in the US, through which the patient manages, controls and accesses his/her health data

and allows other members, including hospitals, researchers and insurance companies to

read and update the same data source. The company has automatic up-to-date

information and spends fewer man-hours verifying the information.

• Created an insight platform for data-driven video advertising to improve ad planning and

addressable targeting of a large media firm based in the US. The firm hosts the blockchain

network, maintains an audit of trade and onboarding of data providers, including

broadcasters, developers, ad-agencies and data warehouses.

• Developed a blockchain-based solution for a New York-based start-up to automate

contracts for commercial loans. The agreements are digitized, and all the participants in the

smart contract are alerted when any changes are made to the terms.




N/A

• Delivery Highlights: xChain,

internally developed

blockchain protocol


• Sandbox - An accelerator to

auto-configure the use case

• xChain - Internally developed

blockchain protocol

• A large US media firm

• US-based insurance company

• A New York based start-up

Platform Provider

Startup

Enterprise

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




67

Analyst Insights

• Virtusa's blockchain practice only started in 2017, but it has quickly been able to take some marquee engagements to production. For example, it

developed a blockchain-based EHR management solution for a US-based insurance provider. Some of its other engagements are nearing production.

Its client base span industries such as BFSI, healthcare, media and entertainment, and utilities and resources.

• Its client solutions are tailor-made blockchain structures and it has experience in over 100 use cases and 20+ solution accelerators in payments, credit

monitoring, checking fraud management, trade finance, and OTC derivatives.

• It continues to focus on building relationships with platform providers to become the integrator of choice for large enterprises. It has collaborated with

other permissioned and permission-less blockchain protocols, including Hyperledger, BigchainDB, Corda, and Ethereum.

Practice Maturity



Virtusa : RadarView Profile

• Virtusa xLabs, the innovation hub started by Virtusa 3 years ago, is its way of tapping into the start-up ecosystem and the cutting-edge technologies

driving these businesses. It initially began as a focused FinTech Lab but has now expanded its scope to include insurance, healthcare, media, and

telecommunication industries. xLabs has built 20+ solution accelerators, connectors, and is involved in research covering over 400 blockchain start-ups.

• It is building a new blockchain protocol known as xChain, which can be run on serverless environments, automatic APIs, with much lower costs and

reduced development times.

• Virtusa is significantly investing in enhancing its thought leadership content through multiple blockchain articles that cover topics on blockchain across

different industries, including the airline industry, travel and hospitality, telecommunications, and specific applications such as election tampering.

• It continues to participate in key technology conferences. It recently exhibited its solutions such as Intelligent Document Automation for Trade Finance

in Sibos 2018, the premier annual event for the financial services community.

68

Industry Coverage


Wipro : RadarView Profile


services growth


Robust portfolio of IPs and assets.

Comprehensive partnership ecosystem.

Showcased deployments. Active thought leadership.

Practice Maturity




• Built a renewable energy trading platform for a European oil and gas company to enable

peer-to-peer trading of energy on leveraging smart contracts on DLT and Ethereum. The

solution brought scalability, increased user verification, and rejected fraudulent transactions.

• Helped a North American airport authority enhance the customer experience by building a

blockchain solution to enable a real-time baggage view and notify passengers once their

luggage is available, thus reducing their wait time.

• Built an IoT and blockchain-based track-and-trace solution for a leading pharma company

that captured the movement of pharmaceutical drugs across different entities and reported

any anomalies. This reduces the admin workload of the entire supply chain by 20%.

• Developing a solution for a European electronics and technology company that proposes a

three-node permissioned blockchain for real-time information exchange in its internal supply

chain and simultaneous triggering of invoices. This reduced the time for payment settlements.




1100+

• Delivery Highlights: 90+

blockchain use cases, 25+

industry solutions and 18 patents


• Blockchain App Fabric - A

holistic blockchain PaaS

offering

• Platform Evaluation Matrix - An

evaluation and scoring

framework

• Network Provisioning Script -

Automated tool to set up a

blockchain network

• Smart Contract Test Assurance

Framework - Accelerates smart

contract testing

• A European oil and gas major

• An Asian central bank

• A US-based financial institution

• A leading regulatory body

• A European travel company

• A global financial institution

• A US-based print hardware

manufacturer

• A Europe based renewable

energy provider

• A US-based global apparel

retailer

Platform Provider

Industry Consortium

Enterprise

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




69

Analyst Insights

• Wipro started its blockchain practice in 2015 and has accelerated its clients' blockchain adoption journey through a substantial portfolio of blockchain

platform offerings, solution assets, and patents/IPs. It also leverages its 25 partners consisting of blockchain platform vendors, application providers, and

technology vendors that specialize in niche domains and technologies.

• To develop an enterprise-wide blockchain strategy, it has a domain-centric global team of active industry advisors, over 1100 blockchain experts,

coupled with the robust design capabilities of Designit. For consulting services, it leverages frameworks for use case prioritization, platform evaluation,

execution priorities, and business case assessment.

• Its integrated solutions bring together existing offerings and solutions in blockchain, AI, IoT, big data, and digital platforms like Connected Car platform,

Wipro HOLMES, and Miliu. One of its live blockchain deployments is an IoT and blockchain-based track and trace solution for a leading pharma

company.

Practice Maturity



Wipro : RadarView Profile

• Wipro brings its innovation in blockchain through its Lab-as-a-Service model in its Blockchain Innovation Lab and has built a strong portfolio of 3

blockchain platforms, over 90 use cases, 25+ industry solutions, and 18 patents across industries and domains in its CoE. The patents have been filed in

the US, India, and Europe across multiple industries such as travel, logistics, manufacturing, financial services. For instance, particular to manufacturing

vertical, it has filed a patent for a blockchain-enabled 3D printing system across these three regions.

• It has significantly invested in 17+ digital pods across the globe. These are workspaces built for Wipro’s digital strategy, design and engineering teams to

work in a collaborative and adaptive way, along with clients.

• Wipro is very active in disseminating its thought leadership content through multiple white papers, blogs, and articles. Apart from this, it has actively

participated as a speaker or panelist in numerous blockchain events and conferences.

• As an active member of various consortia and groups such as EEA (founding member), Hyperledger, BiTA (Blockchain in Transport Alliance), and EWF

(Energy Web Foundation), it has taken various industry initiatives. With EWF, it is working closely on the certificate of origin, EV charging, commodity

trading, etc. It is also the Chair of ASSOCHAM's National Council of Fintech, Blockchain and Digital Assets to drive policy-making for industry adoption.

70

Industry Coverage


Zensar : RadarView Profile


services growth


Research-focused

blockchain solution

delivery through

ZenSmartBlox Suite.

Multiple engagements

in the non-profit sector.

Practice Maturity




• Created a Hyperledger-based blockchain infrastructure to autonomously store individual

capacity pools across the globe, thus providing visibility across boundaries. The system

recorded the audit trail of critical actions and reduced compliance costs.

• Developed a Quorum-based blockchain infrastructure for an agricultural funding agency to

store the requirements of beneficiaries in Africa. The smart contract-based micro-financing

system improved visibility and transparency.

• Helped a global lattice tower manufacturing company to enable bill discounting on

blockchain for its vendors. Provided guidance on integration into SAP General ledger (GL)

with the blockchain and designed custom template for validating smart contract to

facilitate the discounting process. Brought key customers and vendors on board to pilot. This

also improved working capital flow for the client's vendors.




N/A

• Delivery Highlights: 50+ use

cases for blockchain


• ZenSmartBlox - Blockchain

platform

• Deployment Controller - Allows

blockchain on multiple clouds

• Interface Controller - Moves

data in and out of the

blockchain

• Blockchain Evaluation

Framework - A patented

evaluation framework

• A global lattice tower

manufacturing company

• A global development network

• An insurance company

• A funding agency for

agriculture

Platform Provider

Industry Consortium

Enterprise

Banking

Financial Services

Government


High Tech

Insurance

Manufacturing

Non-Profits

Retail and CPG




71

Analyst Insights

• Identifying blockchain as a core part of its growth strategy, Zensar incubated its blockchain practice in 2016 under ZenLabs, which drives the

company’s business innovation. It leverages its ZenSmartBlox platform with its accelerators for production-ready deployments.

• It has developed over 12 industry-specific PoCs in the BFSI, supply chain, non-profit and healthcare industries. Showcasing its deep understanding of the

non-profit vertical, it has a live engagement going on for a global development network among multiple blockchain engagements in a social welfare

organization.

• It has a research integrated solution delivery and has 5 blockchain patents focused on functional applicability, governance, and engineering.

• It has a vast blockchain ecosystem of platforms, tools, and infrastructure providers. Its in-house-built accelerators can deploy blockchain across

different infrastructures such as Azure, AWS, and private cloud and protocols such as Ethereum, Hyperledger, Multichain, IOTA, and Quorum.

Practice Maturity



Zensar : RadarView Profile

• With half of its planned investments in developing assets, Zensar intends to expand its blockchain capability by developing blockchain tools. It has a

strategic focus to provide integration into Oracle, Salesforce, and Guidewire in 2019. It is building an Oracle controller and a smart contract controller.

• To expand its blockchain ecosystem, it has extensive go-to-market plans in the manufacturing vertical. It is planning to collaborate with the IOTA

Foundation for IOTA-based implementation in manufacturing.

• Zensar is involved in generating thought leadership content by publishing various white papers on the applicability of blockchain and the power of

automation with blockchain in smart contracts.

• It is also active in crucial industry association events, including the NASSCOM Roundtable for defining the roadmap for blockchain in India in 2019.

72

Disclaimer

Avasant does not endorse any vendor, product or service depicted in its research

publications, including RadarViewTM, and does not advise users to select only those vendors

recognized in these publications. Avasant’s research publications are based on information

from best available sources and Avasant’s opinion at the time of publication, and their

contents should not be construed as statements of fact. Avasant disclaims all warranties,

expressed or implied, with respect to this research, including any warranties of

merchantability or fitness for a particular purpose.

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