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You are here: Home / Archives for Wipro

Wipro

Wipro Looks into the Future as Company Builds Blockchain Technology in Cooperation with Germany’s Uniper

August 21, 2020 by Akash Anand

Although cryptocurrencies were still struggling to pick up steam in developing countries, blockchain technology has enjoyed a stellar run in many sectors. Many industry giants now consider blockchain technology to be an integral part of their work because it makes several processes easier and more hassle-free. Indian IT giant Wipro has become the latest organization to tap into the blockchain market by implementing a small-scale, blockchain-based liquefied natural gas trading platform. The platform will be used for the energy behemoth Uniper Global Commodities SE and Liqvis GmbH, its LNG-for-trucks subsidiary.

The Bangalore headquartered IT company has hedged its bets with blockchain technology because it knows how far the technology has progressed over the past few years. Sources have said that the blockchain platform was jointly built by Uniper and Wipro with an aim to change the way the ing market behaves. The consortium model will enable all ssLNG market participants to partake in the latest industry movements.

The latest model will help traders save costs and make them more efficient in a truly uncertain trade climate. Sources indicate that the platform will offer multiple peer-to-peer trading cycle participants, validation of the state of the goods as well as enabling order and supply placements. Given the new platform, Uniper will be able to enable scalability while at the same time bringing visibility and transparency to its products.

Grigory Shevchenko, the Senior Account Manager Gas Supply and Origination, LNG Business Development at Uniper had stated:

“..when we enter more downstream logistics-heavy markets, we encourage the use of innovative technologies to optimize our processes and operations. Blockchain will enable business volume growth without needing a lot of additional headcounts to manage transactions. This will be true for us and our counterparts that will engage with Uniper through the paperless blockchain platform.”

As the world moves towards a contactless setup, it is imperative that technologies such as the one developed by Wipro become a staple. Wipro officials also said that smart contracts used on the platform are automating important processes such as shipment creation, bunkering, settlement, and invoice generation.

This is not the first time Wipro has dabbled in blockchain technology as the company is an important member in the development of Hyperledger Fabric. Wipro also participates in popular blockchain projects such as Hyperledger Indy and Hyperledger Sawtooth.

Filed Under: News, Blockchain Tagged With: Blockchain, news, uniper, Wipro

Wipro: Blockchain and the Enterprise Wide Priority for 2020 and Beyond

March 7, 2020 by Arnold Kirimi

Blockchain technology, which hit the stage back in 2009, is still in its early stages and a lot of its potential has yet to be discovered. The decentralized digital archive is currently used to transfer ownership of property, properties, patents, and even contracts. Enterprises are rapidly implementing blockchain technology to add value to their companies.

Moreover, a report by Gartner back in 2019, predicted that the business value added by blockchain will slightly increase by more than $176 billion by the year 2025. In addition, the research advisory firm’s forecast suggests that the business value will then surge upwards exceeding a massive $3.1 trillion by the year 2030. 

The Gartner report indicated that, by 2025, more realistic use of the technology should have been identified, instilling confidence in the blockchain. As a result, this will spur the rapid growth and adoption of blockchain technology.

Ignore Blockchain at Your Own Peril- Report by Wipro & HFS

Moving forward, a recent report conducted by IT firm, Wipro Limited in partnership with research firm HFS, suggests that 75% of executives respondents are exploring how to utilize blockchain technology to the advantage of their firms. The report released on March 5 by Wipro, titled ‘Ignore blockchain at your peril, but don’t drive blindly’, claims that only 1% of executives find blockchain as unnecessary. 

The report is a result of a global study by Wipro & HFS, conducted with 300 executives, who include over 100 c-level executives who are directly involved in their firm’s blockchain projects . Additionally, during the survey, 940 blockchain initiatives across the industry were analyzed. The study looks at the state of enterprise blockchain and how enterprises are embracing it.

According to the chief research officer at HFS, said Saurabh Gupta:

“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.” 

‘Blockchain 6-Pack’ Driving Enterprise Blockchain Adoption

As per the report, the ‘blockchain six-pack which includes; distributed shared data, consensus-driven trust, immutable transactions, data security, smart contracting, and permissioned and permissionless flavors; is what is driving enterprise blockchain adoption.

The report claims that more than 95% of enterprise blockchain’s key focus areas are:

  • Identity 
  • Crypto and tokens
  • Trade such as trade finance peer-to-peer trading and commodity trading
  • Remittance
  • Supply chain asset management and logistics
  • Fraud prevention
  • Finance

Furthermore, the report claims that blockchain adoption is gradual but progressive. In fact, at the moment only 14% of all blockchain engagements globally have reached the production stage. Nevertheless, the majority of blockchain users are ambitious and want to get to that level within the next two years.

Despite all the blockchain craze, the report found out that 60 percent of enterprises; are limpid about blockchain adoption and only 30 percent are ambitious but struggle to hit the ground. As per the report, taking a balanced approach towards implementing enterprise blockchain is crucial to its success. Gupta adds that it’s not possible for businesses to ignore blockchain since it is a value creation lever. However, she contemplates that people should not get carried away by the hype surrounding it.

Indeed, the findings of the survey suggest that 75 percent of executives; are employing blockchain for immediate impact or gain competitive advantage. The areas of focus include enhancing process efficiency and excellence, management of data and identity; business productivity, IT on top of transparency, trust and immutable payments and transactions.

Conclusion

The survey involved all major geographies of the planet including; Europe, North America, Asia Middle East, Latin America, and South-east Asia. Substantial coverage was on industries which include 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 NGOs.

Filed Under: Industry, News Tagged With: Blockchain, blockchain adoption, blockchain solution, blockchain technology, enterprise blockchain, Enterprise blockchain adoption, Wipro

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