Avasant’s RadarView™ Recognizes the Most Innovative Service Providers Supporting Enterprise Adoption of Blockchain
- Leaders: Accenture, IBM, Infosys, NTT DATA, TCS, Wipro
- Innovators: Capgemini, CGI, Cognizant, HCL, LTI, Tech Mahindra
- Disruptors: Atos|Syntel, DXC, UST Global, Virtusa
- Challengers: EPAM, Hexaware, Mphasis, Zensar
Akshay Khanna, a partner with Avasant, congratulated the winners noting, “Today blockchain technology is becoming an emerging business focus for enterprises worldwide. The momentum has already shifted from learning and exploring blockchain as a technology to identifying and building practical business applications. Winning service providers will continue to invest in blockchain and accelerate their participation in industry consortiums and initiatives. ”
Blockchain has long been associated with the banking and financial sector. However, many other industries are increasingly considering blockchain as a top-line driver in business efficiency improvement. Besides, a growing number of governments and jurisdictions across the world are playing an essential role in supporting the adoption of blockchain as an industry.
Some of the key findings from the report include:
- The increased success in proof-of-value engagements has resulted in a significant increase of 4.5 times in the number of production-grade implementations over the last 12 months. This proof of business value has resulted in a doubling of overall blockchain adoption.
- Only selected use cases such as Digital Asset & Identity mgmt., Transaction networks, and Supply Chain/Tracking have witnessed greater adoption and traction over the last 12 months. Amongst these, 35% of use cases integrate blockchain with other emerging technologies such as the internet of things and analytics.
- Blockchain adoption in the public sector has grown by 3.5 times as the governments have realized the potential of blockchain technology to transform record-keeping and citizen services. Also, the government sector has the highest success rate of 50% in moving from PoC to production.
- To address the rising concern of interoperability, tech providers have launched projects such as Polkadot, Cosmos, and Wanchain. 60% of blockchain service providers are also building assets and contributing to these projects to tackle interoperability.
- Lack of a pre-defined network funding model emerges as a challenge that restricts the participation of members on the network. Currently, three types of network funding models are recognized across blockchain solutions- centralized, anchor-sponsored, and decentralized.
Avasant’s Research Director, Swapnil Bhatnagar, added, “As enterprises see great value in blockchain’s potential to reinvent business value chains, they are increasingly investing in developing blockchain solutions. But achieving true business value through blockchain requires the right combination of capabilities for the organization’s unique infrastructure and strategic vision. This has led to a significant increase in demand for comprehensive blockchain services across all key industries.”About Avasant Avasant is a leading management consulting firm focused on translating the power of technology into realizable business strategies for the world’s largest corporations. Specializing in digital and IT transformation, sourcing advisory, global strategy, and governance services, Avasant prides itself on delivering high-value engagements through industry-focused innovation and flexible client-based solutions. Our seasoned professionals have an average of 20 years of industry-honed expertise, having conducted 1000+ engagements in over 50 countries. Avasant’s next generation consulting and advisory methods have made it the top-ranked firm in its class, with recognition from numerous organizations, including: Vault, NOA, IAOP, and Wall Street Journal. Avasant’s engagement in the global market has inspired a strong commitment to community and purpose. Avasant Foundation supports technology and skill development programs to create employment opportunities for youth across Africa, Asia, the Caribbean and Latin America. For more information, visit https://www.avasant.com. Follow news, photos and video on Twitter at http://www.twitter.com/avasant, Facebook at https://www.facebook.com/avasantllc, and LinkedIn at https://www.linkedin.com/company/avasant/. Contact Nicole Dulay Senior Marketing Manager Avasant email@example.com