After pilot, Accenture's blockchain tech to soon see full-scale roll-out

Tech giant's India unit is developing blockchain-based solutions for global oil & gas majors

Global IT services giant Accenture will soon see the roll-out of its blockchain solutions by two oil and gas majors in Asia-Pacific and North American regions, and most part of the implementation is being done by the company’s advanced technology centre in India.

Though blockchain has grabbed a lot of attention globally as a transformational technology post its use in crypto currencies, the large-scale implementation by enterprises is still a far cry. The company had already piloted the solution in these companies, which would soon see enterprise-level implementation. “After a year of discussion and co-innovation with one of our oil and gas clients, proof of concept and solutions have been signed up. Now, they are going for full-scale global implementation. It will happen soon," according to Mohan Sekhar, Senior managing director and lead at Accenture Advanced Technology Centres in India. “We are doing a lot of work from our Indian centre.”

Accenture is one of the largest global IT employers in India with a headcount of over 150,000. Out of those, over 4,000 employees are working on new-age technologies and innovative solutions.

According to the technology major, the implementation of blockchain solutions by these oil and gas majors will enable these firms to drive operational efficiency. For example, the implementation will help these companies streamline supply chain management, record financial transactions and stop pilferage.

“Today, certain processes have to go through multiple hubs because there are no alternatives. Companies have to create large database with multiple security checks (for ensuring smooth supply chain management). This whole architecture will get simplified by blockchain,” Sekhar said.

Apart from large-scale manufacturers, Accenture was also working with banks for adoption of the new-age technology, he added. Regulatory issues have cropped up relating to the adoption of blockchain technology in financial services sector since central banks have to give their approvals before implementation by banks.

Accenture, which draws 60 per cent of its revenues from digital services comprising artificial intelligence, machine learning, quantum computing and security, recently raised its full-year revenue forecast by 9.5-10 per cent for 2018-19 from 7-9 per cent. Majority of the growth will be driven by digital and cloud services.

While the firm is building up its capability internally in the digital space, it has also acquired a number of firms with digital skills to grow through the inorganic route. 

"Acquisition will remain as a go-to-market strategy for us. As we already have the scale, size and clients, we will acquire firms with niche digital skills," Sekhar said.

Accenture is also internally grooming talents in new-age technologies through reskilling programmes.