Accenture has created a blockchain practice within its financial services group and partnered with Digital Asset Holdings to help companies assess and implement blockchain solutions.
Blockchain is a distributed-ledger technology most commonly known for its use for recording and validating bitcoin transactions. Banks are interested in the technology's potential to address post-trade settlement inefficiencies.
The consulting firm said the practice will help client companies define and implement distributed-ledger strategies and business models, create and protect technology architecture and enhance the end-user experience.
“Blockchain-enabled technologies are poised to bring huge benefits to the financial services sector over the next decade,” Owen Jelf, managing director of Accenture’s global capital markets practice, said in a news release Wednesday. “By forming this practice, we can help the industry unlock scalable and transformative uses of this innovative technology.”
Accenture will act as a preferred systems integrator, by implementing blockchain technology solutions developed by Blythe Masters’ distributed-ledger startup Digital Asset Holdings, under their newly formed alliance. Accenture will also provide consulting and technology services, including feasibility studies, business case assessments, operating model design and advisory services on systems architecture, cybersecurity and cloud consulting.
Accenture participated in Digital Asset’s $60 million investment round last month. The Linux Hyperledger Project, an initiative that has banks and technology companies collaborating to create open-source blockchain software, also announced both companies as founding members in December.
Digital Asset also announced partnerships Wednesday with PricewaterhouseCoopers and Broadridge Financial that will focus on educating clients and help them evaluate solutions and business use cases utilizing Digital Asset’s technology.
"We are excited to enter into relationships with Accenture, Broadridge and PwC and are already working with them to provide value to our clients and the industry," Masters, Digital Asset's CEO, said in a news release. "These alliances will accelerate innovation, drive growth and broaden our reach in different segments across the world."