East Brunswick, New Jersey, USA and Bangalore, India – March 5, 2020:
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting, and business process services company, today released a study on blockchain technology developed in collaboration with HFS Research. The report reveals the extent of blockchain adoption in the industry today, how it will fare in the year 2020 and beyond.
The report titled, ‘Ignore blockchain at your peril, but don’t drive blindly’ is an outcome of a global survey conducted with 300 senior executives, including more than 100 C-level executives who are closely associated with their organizations' blockchain initiatives and analysis of 940 blockchain initiatives across industries. It shares insights on the current and emerging state of enterprise blockchain adoption; explores why the technology is emerging as a compelling value creation lever, the business problems it can or cannot address, and how enterprises should manage the adoption challenges. The report also leverages Wipro’s key client case studies to bring context, data and real-life insights around blockchain adoption.
Key findings of the report:
- Nearly 75% of executives look at blockchain as a strategic priority while only 1% dismiss it as not relevant.
- More than 95% of enterprise blockchain initiatives focus on six broad areas: identity, crypto, trade, payments, supply chain, and finance.
- Nearly 75% executives are leveraging blockchain for near term business impact (process excellence and efficiency, data and identity management, and better business outcomes) or to drive competitive differentiation (reimagined IT infrastructure, additional trust in multi-party collaboration, transparent and immutable transactions).
- Enterprise adoption of blockchain is nascent and challenging, yet ambitious as 75% of all blockchain initiatives are less than two years old and only 14% has reached a production stage.
Saurabh Gupta, Chief Research Officer at HFS Research said, "In 2019, we witnessed pioneering blockchain initiatives succeed and proceed from proofs of concept to pilots to ‘live, in-production’ while several other efforts failed to move beyond laboratories. 2020 promises to be the most exciting year with enterprise blockchain adoption coming of age to solve real-world business problems. The study reveals that the financial services industry is an early adopter of blockchain technology compared to the other industries, which are now gaining ground. A balanced approach to blockchain is critical to drive meaningful success - one can no longer ignore blockchain as a value creation lever, nor should they be taken in by all the hype!”
Krishnakumar N Menon, Vice President - Service Transformation and Blockchain Theme Leader, Wipro Limited said, “Enterprise blockchain clients are investing in blockchain solutions to get real business impact, but without a crisp use case, it becomes hard to quantify the benefits. Our key customer case studies included in the report highlight the business value blockchain delivered to our clients and helped them transform their existing business models. Our case studies support the findings of the survey and exemplify the state of enterprise blockchain adoption across industries globally.”
The report involved a survey of respondents from all major geographies namely Europe, North America, Asia, Middle East, Latin America and South-east Asia with extensive industry coverage – Banking, Financial Services, Insurance, Energy and Utilities, Industrial Manufacturing, Retail and CPG, Hi-tech and Telecom, Healthcare and Life Sciences, Travel and Hospitality, and Government and non-profits. To view the full report, please click here.
Wipro is a recognized leader in implementing blockchain technology for its clients. It provides strategic advisory and consulting services combined with a strong portfolio of industry solutions, platforms and patents along with an ecosystem of technology partners, consortia, industry regulatory bodies, and academia. Wipro is committed to creating strong blockchain communities while developing talent for building extensive technology expertise across multiple leading blockchain platforms such as Hyperledger Fabric, Etherum, Quorum, Corda, Mutichain, Hyperledger Indy and Hyperledger Sawtooth. The company is also involved in a number of distributed ledger technology consortia and alliances including the Hyperledger project, the Ethereum Enterprise Alliance, the Energy Web Foundation and the Blockchain in Transport Alliance. To learn more about Blockchain at Wipro, click here.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 175,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.