Accenture (ACN) has launched a specialized practice within its financial services group to help institutions implement blockchain technology in order to improve operational efficiency, security, and client service, as well as to capture new revenue opportunities.
The company has also formed an alliance with Digital Asset Holdings, LLC, a developer of blockchain technology, to help institutions assess and implement block chain related solutions. Through the alliance, Accenture and Digital Asset Holdings will collaborate on innovative solutions for banks, brokerages and infrastructure providers that Accenture will implement as a preferred systems integrator.
Accenture will provide a range of consulting and technology services under the agreement - from feasibility studies, business case assessments and operating model design to advisory services on systems architecture, cybersecurity and cloud consulting, through to full-scale systems integration.
Digital Asset's distributed ledger solutions improve post-trade processing efficiency and security, while reducing cost, latency, errors, risk and capital requirements. The relationship with Accenture will enable Digital Asset to increase the scope and scale of its reach, while aligning resources and capabilities to deliver the highest levels of consistency and quality to clients globally. Accenture was a participant in Digital Asset’s investment round that raised more than $60 million in funding last month. Accenture’s newly launched blockchain practice consults for several major banking institutions and regulators.
“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.”
Accenture’s blockchain practice brings together global resources from the company’s consulting, strategy, digital, technology and operations services. It helps clients define distributed-ledger strategies, implement business-model transformations, create and protect technology architectures, and enhance the end-user experience.
“Accenture is a renowned leader in large-scale systems transformation and the development of complex technology infrastructure,” said Blythe Masters, CEO of Digital Asset. “Working together, we can dramatically accelerate the adoption of blockchain technology globally. Our products and software combined with Accenture’s expertise at integrating new technologies with existing systems will help institutions reduce settlement latency, risk, operating costs and capital requirements.”