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Cognizant Business Consulting
Helping organizations engage people and uncover insight from data to shape the products, services and experiences they offer
Learn More

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Blockchain changes how we transact with each other

Don’t get left behind by the next wave of digital business

Overview

THE NEXT GENERATION OF DIGITAL COMMERCE

Explore blockchain’s ‘Internet of Value' to begin building a more sustainable and secure digital foundation.

As blockchain strategies gain traction and the technology matures, organizations are becoming increasingly aware of the fundamental way that business transactions will change. This smart, decentralized, trusted and highly-encrypted network of computing nodes is poised to be the next disruptive wave in digital business. Organizations that engage early—to explore strategies, test use cases and hone their skills—increase the likelihood that they will reap benefits.

Cognizant's large multi-industry survey uncovers essential insights about blockchain.

Given the need across industries to understand the basic principles of blockchain and to envision ways of applying new business thinking and technology, Cognizant conducted primary research to gain insight into the readiness levels of organizations that may be affected by blockchain’s game-changing business implications. The resulting industry reports illuminate the challenges and opportunities in financial services (included below), retail, insurance, healthcare and manufacturing. Follow up reports will gauge blockchain readiness in Europe and Asia Pacific. 

Cognizant Findings: Banking and Financial Services

The financial services findings featured here reflect the viewpoints of 1,520 executives from 578 financial services firms on how they expect blockchain to impact their industry and the steps they are taking to prepare. The majority (91%) of respondents said they believe blockchain will be either critical or important to their firm’s future, while 48% said it will fundamentally transform the industry.

FINANCIAL INDUSTRY HIGHLIGHTS

WHITEPAPER

Financial Services: Building Blockchain One Block at a Time

Despite a fragmented and still maturing ecosystem, the time has come for firms to move aggressively in developing business and technology strategies for a blockchain-enabled world.

Perspectives

Blockchain: The Challenge of Fashioning Hope into Reality

The financial services industry was among the first to recognize blockchain’s potential and explore its use to cut costs, reduce fraud and manual errors, improve operational efficiency, etc.

PERSPECTIVES

Financial Services: No Time to Wait for Blockchain

Financial services can’t linger in their experimentation with blockchain technology—they need to move aggressively or be left behind by the rapid pace of innovation, according to our study.

Blockchain's shared infrastructure offers organizations a way to improve their operational efficiency and cash in on new business opportunities and emerging ecosystems.

CONVERTING THE INTERNET OF THINGS INTO THE INTERNET OF VALUE

Imagine a smart insurance contract that would pay out against the insurable event without the policyholder having to make a claim or the insurer having to administer the claim.

With the Internet of Things, blockchains in manufacturing will autonomously monitor prices, delivery times and other conditions, and automatically negotiate and complete transactions in real time

Through targeted approaches, many of which we are piloting with clients today, companies can explore blockchain’s potential and grab some quick wins using smart contracts in document exchange, record-keeping, multisignature and digital asset transfer. 

Demystifying Blockchain

Amid unprecedented industry hype, the unique combination of technologies known as blockchain has emerged as a possible antidote to one of today’s most vexing online business challenges—how to create greater trust, transparency and accountability for all who wish to transact and interact online.

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Blockchain initiatives will span the enterprise architecture. They won’t be as simple as dropping a piece of software into an existing process. Companies can’t hit pause and stop operations while they move from a centralized infrastructure to one that is decentralized.

HOW WE ARE HELPING CLIENTS GAIN VALUE

That’s why companies that want to seize the potential of blockchain need a partner with equal expertise in business processes, industries and system integration.

Cognizant is working on blockchain projects with clients to accelerate digital identity assurance, secure document exchange and support funds transfers. The early adopters who get out in front on blockchain will reap major returns on their blockchain investments.

Thank you for your interest in Cognizant.

We'll be in touch soon!

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Blockchain Technology & Integration | Cognizant