This is How MNCs are Driving India's Blockchain Story While we have various startups trying their luck hard, the MNCs are not far behind
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
From the Prime Minister of India Narendra Modi to the management of large and mid-size companies, everybody is talking about blockchain and the technology seems to be on the hot seat in town.
While we have various startups trying their luck hard with POCs, use cases and pilots around the technology, the large MNCs are not far behind.
Here is the glance to India-based projects of such MNCs
HCL Technologies hosts the Trust Blockchain Application Platform, which uses key enterprise blockchain engines to enable rapid development and deployment of the applications.
The company claims to offer services such as a managed platform, end-to-end security, automated onboarding, and structured APIs.
Additionally, the information technology company has also joined along with Descartes, Daimler, FedEx, SAP and Uber Freight to the Blockchain in Transportation Alliance (BiTA), an organization dedicated to understanding the best practices and standards in the transport industry.
In a company statement, HCL said it will bring its deep expertise in digital technologies to the alliance and help develop blockchain-based solutions for the industry.
Recently, Cognizant, along with a consortium of Indian life insurance companies, announced that it has developed a blockchain-based solution to facilitate cross-company data-sharing and reduce the risk of data breaches, fraud and money-laundering.
The solution will also improve customers experience with improved process efficiency, better record-keeping along accelerated turnaround time.
The consortium includes insurers likes SBI Life Insurance, Max Life Insurance, Canara HSBC OBC Life Insurance, Edelweiss Tokio Life, IDBI Federal Life Insurance, Birla Sun Life Insurance, HDFC Life, Kotak Life, Tata AIA Life, PNB MetLife, IndiaFirst Life Insurance, ICICI Prudential Life Insurance, Bharti AXA, Aegon Life, and SUD (Star Union Dai-ichi) Life Insurance.
In early 2017, India's largest bank, State Bank of India initiated the country's first bank consortium led blockchain exploration initiative called the Bankchain.
Presently, Bankchain includes around 35 members, including some of the country's biggest lender along with noted international players.
Bankchain is managed and operated by Primechain Technologies. The Pune-based startup has developed blockchain-based solutions for cross-border remittance, corporate know your customer and charge registry, letter of undertaking (LoU), bank guarantees, letter of credit (LC) and other documentary credits, employee background verification, document authentication, verification and storage, vendor onboarding and individual KYC.
Infosys-led EdgeVerve Systems is running a plot with Finacle Trade Connect, a blockchain-based solution developed to address the trade finance process requirements of banks.
The company formed India Trade Connect with Axis Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank, South Indian Bank and Yes Bank to test the platform.
The platform is claimed to increase automation and transparency and help banks manage risks in trade and supply chain financing operations.
During the second half of 2017, Tata Consultancy Services (TCS) teamed up with BNP Paribas Securities Services for Corporate Event Connect, a blockchain-based platform, which would help the latter provide fast, accurate and secure corporate event announcements to clients globally.
Corporate Event Connect, which powered by TCS' Quartz blockchain technology, is currently working on the beta version and is expected to be rolled out in multiple phases.
It comes along built-in security which then makes the information tamper-proof and recoverable. Additionally, the platform uses deep learning technology to translate information in seven languages.