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.
Investments and Innovation
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.
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