Digital technologies are permeating all aspects of the traditional business. The use of information technology to change the customer journey, improve business agility and deliver digital products can cause a digital disruption across all business processes, including sales, trading, production, supply chain, product design and human resource management. Enterprise agility goes beyond software development to encompass how organizations can adjust and help business, development and operation workstreams to thrive when competition and customer requirements are constantly changing. This adjustment and the speed at which it happens are relevant and critical for increasing business value. ISG has defined digital as a blend of technology, intelligence and real-world experiences. The success of a digital business is achieved by creating value from the combination of these three facets. Digital transformation is the evolution of any ecosystem that is built on the principles of digital business.
The Blockchain Services quadrant assesses a service provider’s competence in consulting, designing, deploying and operating blockchain.
Blockchain’s decentralized, open and cryptographic nature allows enterprises to transact on a peer-to-peer basis, reducing the need for intermediaries. The technology is open source, providing full transparency and long-term continuity despite the corporation behind the platform. Every transaction is registered in multiple databases, encrypted by a common hash code that changes every few minutes, forming a data block chained in multiple databases. Rather than having one database as the sole source of truth, blockchain provides multiple sources for validating a single transaction. This quadrant assesses a service provider's competence in consulting, design, deployment and operation of blockchain technology. Leaders are identified by their experience in prototyping, testing and validation of blockchain solutions, as well as by running the solutions in production environments.
The Nordics has been forefront in the adoption of blockchain. The region has seen an increased adoption of the technology in public services, government services, smart contracts, and track and trace across the supply chain. Digital identity is also an area where the adoption of blockchain is increasing in the region. Industry players are working in association with the academia to optimize the usage of blockchain and to ensure proper working of the blockchain system architecture.
As per the report, HCL has worked toward developing its blockchain intellectual property (CoTrust) over the last two years. The offering enables quicker blockchain implementations with lesser effort by leveraging its foundational services and domain-specific use cases. HCL has been the co-innovation partner with SAP and is working towards developing use cases on SAP blockchain. It has been involved in numerous PoCs and pilot projects in various domains with a focus on different industries.
To know more why HCL has been rated as Leader in this space, download the report.