Accenture launched blockchain practice for financial services industry and entered in an alliance with Digital Asset Holdings, a developer of blockchain technology.
Accenture said the blockchain practice is to help institutions implement the technology to improve operational efficiency, security, and client service, as well as to capture new revenue opportunities.
The alliance with Digital Asset Holdings is said to help institutions assess and implement blockchain related solutions.
Through the alliance, Accenture and Digital Asset Holdings will collaborate on innovative solutions for banks, brokerages and infrastructure providers. Accenture will provide a range of consulting and technology services under the agreement.
In a press statement, Accenture said, Digital Asset’s distributed ledger solutions improve post-trade processing efficiency and security, while reducing cost, latency, errors, risk and capital requirements.
“Blockchain-enabled technologies are poised to bring huge benefits to the financial services sector over the next decade,” said Owen Jelf, managing director of Accenture’s global capital markets practice.
“By forming this practice, we can help the industry unlock scalable and transformative uses of this innovative technology. Our recent investment and alliance agreement with Digital Asset allows our clients to benefit from a close collaboration that will accelerate blockchain deployment industrywide.”
Recognizing that blockchain technology has the potential to change the global capital markets industry, Accenture has participated and invested in several key innovation initiatives.
This month the company became a premier member of the Linux Hyperledger project, an open source project to advance the blockchain digital technology for recording and verifying transactions.
Accenture has also established a Blockchain Center of Excellence in Sophia Antipolis, France, which provides access to technical and business expertise in blockchain and distributed-ledger capabilities.
The company also has a strategic relationship with Ripple, a provider of global financial-settlement solutions.