Creating Sustainable Value Underpinned by Trust

 

In today’s connected world, organizations operate more as part of a networked business ecosystem comprising multiple parties, each driving value creation for the end consumer. This often requires the exchange of data among stakeholders across organizational boundaries, very often, with conflicting interests. This data exchange comes with its own share of challenges such as disparate sources of truth, inconsistent data formats and lack of transparency that eventually lead to erosion in trust.

Blockchain or Distributed Ledger Technology can help businesses address these challenges through the creation of a decentralized network for seamless collaboration. The blockchain-led shared, permissioned and immutable registry serves as a ‘single source of truth’ thereby fostering trust. The availability of agreed-upon data on the shared ledger in real time minimizes disputes and built-in smart contracts aid in faster decision-making.

WNS combines new-gen technologies such a Blockchain with Business Process Management to unlock smarter business processes, boost efficiencies and sharpen organizations’ abilities to execute consistently. We have recently launched WNS VeriChain suite of blockchain-led solutions to enable businesses across strategic veritcals and horizontals manage risks efficiently by collaborating better.

 

WNS Advantage

Strategic Domain and Process Expertise

 

We combine our core strength of process expertise across key domains and in-depth process knowledge with intelligent technologies such as blockchain, cognitive automation, machine learning and artificial intelligence to co-create solutions that fit our clients' unique automation demands

 

Proprietary and Partner-driven Solutions

 

WNS offers a host of all-inclusive solutions to our clients that are a combination of proprietary as well as industry-leading partner solutions to offer an end-to-end intelligent automation experience. We proactively work with a wide ecosystem of partners across technologies to build right-fit solutions to resolve our client's business needs

 

End-to-end Implementation

 

WNS provides end-to-end services which includes consulting and roadmap development leading to pilot implementations, enterprise-level execution, support and managed services using an optimal combination of human agents and virtual bots

 

Blockchain Applications Across Industries

 

Travel

  • Customer Identification: Using digital identity markers such as fingerprints or retina scans based on blockchain for identification instead of documents reduces check-in times and queues at airports without the risk of frauds
  • Loyalty Programs: Blockchain can help eliminate the hassle of redeeming loyalty points from different providers by storing the points in a single digital wallet. This allows customers to access and redeem all of their airline, hotel and travel company loyalty points from a centralized location

Shipping & Logistics

  • Inventory Tracking: Use of blockchain allows multiple parties to access a single database in which all transactions are recorded and time-stamped. This enhances transparency, prevents thefts, improves regulatory compliance, reduces paperwork and lessens costs significantly
  • Invoicing and Payments based on blockchain-led smart contracts simplify payments while ensuring transparency and security. Smart contracts automatically implement the terms and conditions between different stakeholders and track the transactions between them at every touchpoint
 

Insurance

  • Underwriting using blockchain can help automate and shorten the process, reducing the cost of operations as external data can be included to decrease the risk liability. Blockchain brings transparency and improves trust by enabling shared visibility in complex multinational programs
  • Fraud Detection: Using a distributed ledger helps validate the authenticity of customers, policies, claims by providing complete historical records to help identify fraudulent claims or duplicate transactions

Healthcare

  • Digital Ledgers can be created using blockchain to record patient information with conditional access for different stakeholders. Each interaction with the patient's data is recorded on the ledger as a time-stamped transaction
  • Drug Traceability is enabled through blockchain by tagging and tracking drugs at each stage of the medical supply chain. All of this information is recorded on the blockchain to assure authenticity and tackle the menace of counterfeit drugs
 

Manufacturing

  • Supply Chain Management using blockchain benefits from a single unified source of data and a transparent trail for all the vendors involved. It helps companies trace problems with specific product or component thereby increasing quality of services and decreases the cost of maintenance
  • Maintenance Tracking using blockchain by suppliers and component manufacturers is done by tagging their products and tracing the product’s service and maintenance history

Utilities

  • Grid Management based on blockchain makes existing processes more efficient by automatically diagnosing network emergencies / issues and reconfiguring them to avoid any recurrences
  • Peer-to-Peer Energy Trading through a decentralized system using blockchain reduces overall energy costs and improves flexibility in sourcing power
 

Finance & Accounting

  • Payment Reconciliation : Blockchain enables payment reconciliation among multiple entities within or outside an organization involving strategic suppliers, along with periodic settlement and net-off of all pending transactions. This eliminates hours of audit and reconciliation effort, enhances reconciliation speed and accuracy, and introduces complete transparency in the settlement process
  • Contract - Purchase Order - Invoice Tracking: Blockchain can be used for the tracking and monitoring of the document life cycle starting from contracts to managed services agreement to purchase orders and invoices, with auto invoice matching and settlement. This ensures end-to-end traceability of the process thereby improving operational efficiencies while enhancing auditability and compliance
 

WNS VeriChain: Risk Syndication Solution for Specialty Insurance

  • – The blockchain-based risk syndication solution is a decentralized, single version of truth offering complete transparency and auditability to customers, brokers and insurance carriers
  • – It enables digitization of the end-to-end policy creation process resulting in reduced cycle time to an estimated <10days from the current cycle time of >30days and faster policy roll-out thus enhancing the customer experience
  • – Blockchain reduces selective carrier preference based on human judgement and instead focus on logical selection of carriers by the broker
  • – Blockchain offers digitized consensus-based syndication resulting in data consistency to overcome disputes and increase cooperation among the parties involved
  • – Easy and timely disbursal of premium to carriers along with improved cash flow and reduction in overdue debt resulting in reduced probabilitiy of disputes

To know how WNS can help you with Blockchain solutions, write to us at marketing@wns.com

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