Blockchain Services 2022–2023 RadarView™

January, 2023


Report Summary

This report provides a view into the emerging landscape of blockchain technology and highlights key developments and best practices in this space. It also aids in identifying the right service providers that enterprises can partner with to enable digital transformation for their blockchain initiatives.

We continue with a detailed assessment of 20 service providers offering blockchain services. Each profile provides an overview of the service provider, its blockchain services capabilities and solutions, and a list of representative clients and partnerships, along with brief client case studies. Each profile concludes with analyst insights on the provider’s practice maturity, partner ecosystem, and investments and innovation.

Why read this RadarView?

The momentum for blockchain services slowed during the pandemic. In 2022, the adoption of blockchain services picked up the pace again, which is reflected in nearly 29% YOY growth in the total number of blockchain engagements. With growing traction in use cases such as tokenization, central bank digital currency, metaverse, and non-fungible tokens, enterprises investing in blockchain services see immense potential in financial services.

The Blockchain Services 2022–2023 RadarView™ helps companies get a detailed view of the blockchain services landscape, key enterprise and provider trends, and market developments. It also provides information to assist businesses in choosing the right blockchain service provider.

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Featured providers

This RadarView includes an analysis of the following service providers in the blockchain services space: Accenture, Atos, Birlasoft, Capgemini, CGI, Coforge, Cognizant, DXC, EPAM, HCL, IBM, Infosys, Innominds, LTIMindtree, NTT DATA, TCS, Tech Mahindra, UST, Wipro, and Zensar.


The industry insights and recommendations presented are based on our ongoing interactions with senior executives, vendors, subject matter experts, and Avasant Fellows, along with lessons learned from consulting engagements.

Our evaluation of service providers is based on primary input from the providers, focused briefings, public disclosures, and Avasant’s ongoing market interactions. The assessment is across the three dimensions of practice maturity, partner ecosystem, and investments and innovation, leading to our recognition of those service providers that have brought the most value to the market over the past 12 months.

Table of contents

About the report (Page 3)

Executive summary (Pages 48):

    • Defining blockchain services
    • Key enterprise blockchain trends shaping the market
    • Key recommendations for enterprise blockchain adoption
    • Avasant recognizes 20 top-tier service providers offering blockchain services 

Lay of the land (Pages 9–21)

    • Blockchain service providers are converting proof of concepts to production
    • Financial services continue to remain the top adopter of the blockchain services
    • Decentralized identity is becoming a foundational framework for decentralized applications for enterprises
    • Enterprises are increasingly using blockchain for ESG applications and related use cases
    • Providers continue to make significant investments with a focus on new offerings to enhance trust and scalability
    • A lack of legislation and regulations and issues with integration, scalability, and interoperability are some of the key challenges to the implementation of blockchain services

RadarView overview (Pages 22–27)

    • Methodology and coverage
    • Interpretation of classification
    • RadarView assessment

Service provider profiles (Pages 28–68)

    • Detailed profiles for Accenture, Atos, Birlasoft, Capgemini, CGI, Coforge, Cognizant, DXC, EPAM, HCL, IBM, Infosys, Innominds, LTIMindtree, NTT DATA, TCS, Tech Mahindra, UST, Wipro, and Zensar.

Key contacts (Page 70)

Read the Research Byte based on this report.