March, 2016
Blockchain Capability Deck
© 2016 Cognizant © 2016 Cognizant
Agenda
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World Of Blockchain
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Cognizant’s Blockchain Accelerators
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Current Client Engagements
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Shortlisted Accelerators in Pipeline
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Cognizant Collaboratory
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Appendix-I Cognizant’s Blockchain Accelerators - Detailed
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Appendix-II FI’s Increasing Focus on Blockchain
© 2016 Cognizant
What is Blockchain? Blockchain allows peer-to-peer transfer of value/information without requiring a trusted third party to authenticate a transaction; every transaction is stored on a single distributed public ledger with cryptography features that make the transaction history immutable Imagine there are a group of lockers in a public place. Each locker:
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Is Free of charge
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Contains your money and assets
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Requires a key to operate. Assets/Money is inaccessible if key is lost.
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Assets are transferred directly from one locker to another.
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All transactions done from all lockers are captured in a public ledger.
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Transactions can be seen on the public ledger by everyone.
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How it Works
Source: INNOVALUE research
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How it Works (…) Source: INNOVALUE research
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Blockchain – Key Characteristics “Allows peer to peer transfer of value without a trusted third party” Unit of Exchange Currency
Digital Asset
Data/Information
Types
Key Constructs Append-only ledger shared & replicated across the network
Cryptography is a central feature, transactions are secure, authenticated & verifiable
Shared Ledger
Security
Smart Contract
Network Consensus
Business logic embedded in the Blockchain and executed with transactions
All parties agree to a network verified transaction by consensus
Lower cost, increased transparency, greater security, faster settlement 6
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By Access to Transactions
By Access to Transaction Processing Permission less
Permissioned
PUBLIC
YES
YES
PRIVATE
N/A
YES
Blockchain Type
Example
PUBLIC – PERMISSION LESS
Bitcoin
PUBLIC - PERMISSIONED
Consortium Blockchain
PRIVATE - PERMISSIONED
Eris Industries, BlockApps & others
World Of Blockchain Business Applications Wallet
Issuance of Shares
Coupon
Exchange
Trading & Settlement
Community Money
Payment Service Provider
Digital Collectibles
Smart Property
Journaling App
Title Records
KYC App
Alternate Payment Service Provider
Any Complex Business Application
Document Management
List Continues to Grow
Leveraging Open Transactions -(OT)
bitcoin 2.0
World of Blockchain Decentralized Company (DAC) Decentralized Application (DApp) Decentralized Exchange Digital Asset
Smart Contract
Digital Asset
Colored Coin Colu Colored Coin
CoinSpark Colored Coin
Factom
Counterparty
Side Chain
File Storage
P2P Messaging
SWARM IPFS StorJ MaidSafe Other(s)
BitMessage
De-centralized App Development
ERIS INDUSTRIES
NXT
Uses
Tonal BitCoin (Pegged to BitCoin Blockchain , First on-chain alternative
Uses Merged Mining
Uses
Uses
Uses
Hydra Chain
BitShares
Whisper Ethereum
Others
Interoperable With Uses Bitcoin Blockchain
Ripple
IBM Open Block Chain
Variance(s)
IXCoin LiteCoin DogeCoin FreiCoin PeerCoin PrimeCoin
Other(s)
BitCoin Blockchain
BlockApps
Stellar
NameCoin
First Decentralized Currency
Distribution Consensus T ool Block Generation Time
BigChainDB
Coins Rewared/block Unit Cap
Supported tps
Open Ledger/Hyper Ledger
Distributed/Decentralized, Append-only, Fault-tolerant, Time stamped Registry implemented as Public Permissionless OR Public Permissioned (e.g. Proprietary colored coins protocols) OR Private (Permissioned) ledger
Blockchain Core Technology
bitcoin 1.0
Omni (Previously known as MasterCoin)
Coin Prism’s Open Asset
Custom Meta Data
Alt-Coin Non-Currency
Alt-Coin Decentralized Currency
Record Keeping
Smart Contract
Payment Network& Exchange
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NXT
Consensus Algo
BitSharesX
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Proof-Of-Burn
Transaction
Transaction
Transaction
Owner 1 Pub lic Key
Owner 2 Pub lic Key
Owner 3 Pub lic Key
Ver ify Hash
Owner 0 Sign atu re
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Sign
Owner 1 Private Key
Legend
Arriving at a Consensus for Block Creation
Ripple Other (s)
Ver ify Hash
Owner 1 Sign atu re
Hash
Owner 2 Sign atu re
Sign
Owner 2 Private Key
Owner 3 Private Key
Proof-of-Stake (PoS)
PoW & PoS Hybrid
Proof-of-Work (PoW)
SHA256d
Combo11
Scrypt
Cunnigham
CryptoNight
Others
Cryptographically Secured Chain of Transaction Data Organized in Sequential Chain of Blocks
Block
Block
Block
Own Blockchain Forked
Pre v Hash
Nounce
Pre v Hash
Nounce
Pre v Hash
Nounce
TXN
TXN
TXN
TXN
TXN
TXN
TXN
TXN
TXN
TXN
TXN
TXN
TXN
TXN
TXN
TXN
TXN
TXN TXN ….
TXN
TXN
TXN
TXN
TXN
….
….
….
….
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Cognizant’s Current Exploration
Block Chain can potentially bring value in many areas in Financial Services Retail Banking and Payments
Cross Border Payments Prepaid / Gift cards Payment Router Digital Wallets for any asset
Wills/ Trust management
Reduced costs …. Disintermediation, distributed infrastructure and Reduced reconciliation that may lead to improved cost advantages
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Capital Markets
Wholesale Banking
Securities Servicing Cross Asset Global Recon
Trade Finance
Issuance and Store of Record Broker Payables
Syndicated Loan process automation
Derivative Contracts
Self executing B2B contracts
Trade Repository
Improved Security … Reduced Time… Secure transaction ledger database secured by PKI which is shared in an established, distributed network.
Transfer of assets is near real time with all the nodes confirming the transaction finalization
Utility
KYC Registry AML/Risk Compliance Data management Identity management
Contract management
Immutable proof of record …. Real time track of transaction with no possibility to change the history of record
Cognizant’s Blockchain Accelerators Enablers
Description
CRYSP
Allows for exchange rate comparison across multiple payment providers for cross currency payments
Decision engine for Routing cross currency Payments
CRYMSON Cryptocurrency Payment Solution
CRYSIGN Document Signing and Verification
CRYPTIK Post Trade Clearing and Settlement
CRYTRAN Fund Transfer Over Blockchain 9
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• Get the best rate for cross border, cross currency payments • Can be developed as a full fledged payment routing engine integrated with Enterprise Payment Hub
Enables an acquirer to facilitate its merchant to accept Bitcoin based payments for their services.
• Enables Merchants to accept bitcoin as a mode of payment at Online and In-store Apps • Real time settlement of transactions based on merchant preference
Enables multiple parties to digitally sign a document and verify the authenticity of the document at a later point in time leveraging Blockchain
• Utility solution, can be leveraged wherever digital documents need to be issued once and verified by multiple parties. • Possible applicability includes SOW/Contracts, Wills/Trust documents etc.
Decentralized Platform to maintain Counterparty holdings and enable transfer
CRYPTOBUS Integration Framework with Multiple Blockchain Frameworks
Applicability & Benefits
Blockchain agnostic layer for data recording on Blockchain of choice
Blockchain based solution to facilitate fund transfer between bank subsidiaries.
• Distributed Ledger as the single source of truth for asset transfer and positions. • Integrity of asset transfers managed by the blockchain. • Rule based routing engine accelerates legacy application integration with Blockchain • Flexible architecture to onboard future blockchain solutions as well as legacy solutions in a phased manner. • Decentralized fund transfer solution Leverage Smart Contracts.
Client Engagements Client
POC Description
A Large Multinational Bank
An AML/ KYC friendly supervisor solution built leveraging a Multi Signature Hierarchical Deterministic Bitcoin Wallet to enable bank to provide its customers a way to transfer bitcoins only to other HD wallets that the bank has created with supervision from their AML/Sanction staff who act as signers for transactions
Blockchain Technology
POC Status
Haskcoin HD Wallet Service
Phase 1 Delivered, Phase 2 Underway
A Blockchain based solution to manage/maintain verified/signed copy of NDA & SOW in tamper proof way
Custom colored coin protocol implementation on - Bitcoin Blockchain
Delivered
A Decentralized Application to facilitate intra bank GL Postings within bank subsidiaries.
Ethereum, Factom
Delivered
A Decentralized Application to issue and transfer digital assets (e.g. Title Deeds) with multi signer capabilities.
Ethereum
POC Underway
A Large European Bank
Integration Solution enabling Legacy Systems to put to and get data from various Distributed Ledger Platform as well as leverage Smart Contract for entity lifecycle management
Ethereum, Eris Industries, IPFS
Delivered
A Large Japanese Bank
A Blockchain based solution to manage the Global Commitment Line and Customer Information sharing between various Subsidiaries
Ethereum/BlockApps, IPS (indicative)
To be Started
A Large bank based in US
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Shortlisted Accelerators in Pipeline Enabler
POC Description
CRYDENTIAL Decentralized Identity
Companies take time and effort for KYC before they create an account for their customers. Leverage the KYC performed by the companies to provide document to customers that can be leveraged as a proof of identity for them.
CRYPTOGRAM Simplify Participation Deal using Blockchain
Simplify Participation Deal management process in Trade Finance leveraging Blockchain
CRYDIT Delinquency Prevention over Blockchain
A decentralized ledger for Credit Card issuing companies to keep a check on the customer’s “Actual Credit Capacity” and notifies in case his actual credit capacity is reached
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Blockchain based Solution Adoption - Typical Roadmap Proof Of Concept Phase 1
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Create MVP specs - to-be state
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Develop Business Case for end to end
Product Development and Rollout Phase 3
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Prioritization of features and closure
process flow /user journey , use cases
product positioning, solution development
on the global plan and
Develop a solution for each of the
and Rollout
implementation approach for end to
Perform Impact Analysis for Upstream and
end solution.
selected user journeys •
Business Case Development Phase 2
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Test the solution and deliver the
downstream systems due to introduction of
operational manual for further
Distributed Ledger, touch points with
validation of the use cases
enterprise’s existing eco-system •
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Development, Integration and testing of the prioritized scope.
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Rollout.
High Level ROI calculation and road map finalization
"The market is largely at the POC (proof of concept) phase, proving that Blockchain-based implementations can replicate or complement existing infrastructure," says the firm. "2016 marks a ‘race to production’ as innovators seek to push beyond the prototype stage.“ Source - http://www.finextra.com/news/fullstory.aspx?newsitemid=28248&utm_medium=NewsFlash&utm_source=2015-12-14 12
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Cognizant Collaboratory We think big asking ourselves: What solutions will deliver the most value for the customer and business. This managed process then links innovation opportunities to value-add solutions. Gain insights from multiple vectors
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Industry Analysis Understand where the market is headed; what potential barriers exist and key areas to differentiate.
Technology Assessment Establishes a foundation on emerging and existing technology to utilize to gain advantages and development of best in class experiences.
Design Research Frames the user behaviors, wants and unmet needs that will impact engagement and perceptions.
Business Analysis Assesses client readiness for innovation; outlining key areas of focus for near term, medium term, and long term impact.
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Ideate & Frame
Generate ideas relevant to specific business processes or service solutions Curate ideas informed by our tools and processes
Prioritize
Prioritize based on business value, reach, technology feasibility, and user engagement.
Spark
Ideation Gain insights from multiple vectors
WE IDEATE: Just as Telecom operators adopted the “internet” and offered it as a service to generate a separate revenue stream, could customer have a similar opportunity to offer Blockchain as an “internet of value of exchange” and help create a market for liquidizing stale assets (i.e. wifi, personal storage and other services) ?
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Ideate & Frame
Prioritize
Spark
Prioritization and Spark Gain insights from multiple vectors
Ideate & Frame
Prioritize
Spark
The Idea Lab culminates with a Spark Workshop where the process starts moving from theory to practice. We focus in on the specific opportunities for transformative product & service offerings. • Gather inputs: • Ideas from repository • Target audience insights • Business strategy, competitor analysis, white space assessment • Initial opportunity prioritization • Draft opportunity briefs • Workshop materials: Market Scan, Rank Your Ideas, You Are Here! (on the Crossroads)
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Identify targets: • Map out the core business opportunities for acceleration • Identify and prioritize specific services and processes ripe for digital transformation with a focus on value realization
Outputs: • Completed prioritized focus areas for digitization • Initial plan for next phase in Collaboratory: ideation and prototyping
Engagement Model for Client and Cognizant to work Together •
Join our Digital Works Program (Ideation lab – Collaboratory – Foundry) for building further use cases
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Get access to our research and platform solutions for accelerating the expirementation on different blockchains
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Get access to our pilot client test bed for validating the use cases and establishing go-to-market
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Deliverables from our program
Use cases
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MVP Specs
Prototype
Business Case
GTM
Thank You ! Blockchain Agency
[email protected]
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Appendix-I Cognizant’s Blockchain Accelerators - Detailed
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Value Proposition 1: Payment Router - Multiple Blockchains Crypto-currency Payment Router
Decision engine for choosing the best path to send payments over Blockchain CRYSP router with prebuilt adaptor for various blockchains
Problem
Solution
Customers pay nearly 6% on cross border payments with T+3 days for the funds to be available when transferred
Leverage blockchains for routing and setlling payments in real time at lower cost
Features
Benefits
- Adapter for various blockchains - Decision engine to give the best rate - Active and Passive mode for the router
- Get the best rate for payments - Real time settlement - Achieve immediate scalability
Current Status - Ready to be showcased to clients
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Value Proposition 2: Cryptocurrency acceptance platform Cryptocurrency merchant solution
Allow your clients to accept and process any cryptocurrency Merchant acceptance solution
Opportunity
Solution
Today only 2% of merchants in the Electronic Transaction Association accept Bitcoins, while 23% plan to begin within next two years
Crypto currency acceptance solutions for merchants
Features
Benefits
- Simple integration for online and instore apps with crypto currencies platforms - Clears and Settles transactions on blockchain - Integrate loyalty and gift cards on crypto currency
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Real time settlement for merchants Zero transaction fee No volatility risk Extensible to IOT infrastructure
Current Status -
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The solution with Bitcoin payment enabled for online e-commerce platform is ready to be showcased to clients
Value Proposition 3: Document Signing and Records management Identity over Blockchains
Blockchain verification of signed documents and management of latest versions
Problem
Solution
Companies have difficulty in ensuring that the most recent version of the document is executed against and also have difficulty in verifying the authenticity of the documents
Decentralized document verification
Features
Benefits
- Companies can add trusted document verification third party - Users can get their document signed by these authorized verification parties and load the hash in the block chain - Companies can then access these verified documents by confirming their existence on the blockchain
- Easy sharing of verified documents with third party requestors - Reduced time for on-boarding of users - Guaranteed processing of the latest version of the documents - Reduced time for getting multi party verification
Current Status - Ready to be showcased
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Value Proposition 4: Securities Trade Settlement on Blockchain Crypto Asset Trading Platform
Issuance and trading platform for smart securities on Blockchain technology
Problem
Solution
Securities clearing & settlment is a convoluted process which mandatorly has T+3 busines days for securites & payments to change hands
Decentralized Trading platform on blockchain
Features
Benefits
- Maintaining Counterparty holding on DLP - Securities clearing and settlement - Register / deregister securities in the register - Bind the buying & selling parties with smart contracts and trigger settlekemt from the distributed ledger.
- Real time exchange of ownership of assets - Integrity of the exchanges maintained by cyrpto technologies - Reduced audit cost - Cross border investments
Current Status - Ethereum based soltion to hold Counterpary Holding on DLP and ability to transfer holding is available for demonstration
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Value Proposition 5: Integration Layer for Blockchain Integration Layer for Blockchain
A Restful integration layer built on top of Blockchain Framework
CRYPTOBUS
Problem
Solution
Multiple Blockchain frameworks are emerging in the market today. Legacy systems need a consistent way to integrate with a blockchain of choice.
An integration Layer on top of the Blockchain framework abstracts the inner working of the blockchain from the legacy systems.
Features
Benefits
- Abstracts blockchain solution complexity from the legacy systems. - RESTful API integration. - Rule based decision engine to push information to the blockchain of choice. - Onboard new blockchain frameworks through an adapter based implementation.
- Faster integration with blockchain frameworks - Makes Legacy system integration blockchain agonostic. - Reduced integration cost
Current Status - Ethereum, Eris Industries and IPFS have been integrated. Other Blockchain frameworks e.g. Factom are slated for Phase 2.
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Value Proposition 6: Fund Transfer Leveraging Smart Contracts Fund Transfer over Blockchain
Simple Transaction Reconciliation between Bank Subsidiaries
Problem
Solution
Transaction between bank and its subsidiaries require each subsidiary to have a reconciliation engine, thus leading to duplication of effort as no single source of truth exist
A decentralized solution providing a single source of truth for transaction data. Reconciliation logic can be executed in a decentralized fashion as a Smart Contract.
Features
Benefits
- Ability to onboard subsidiaries and their Accounts. - Transactions uploaded by each subsidiary(Buy/Sell) is matched with counterparty transactions leveraging a smart contract. - Reconciled transactions are posted on a blockchain to create a single source of truth.
- Decentralized Reconciliation Logic - Single source of settled transactions created on a decentralized ledger.
Current Status - POC Developed.
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Value Proposition 7: Digital Identity on Blockchains Digital Identity on Blockchains
Digital Identity solution on Blockchain
Problem
Solution
Companies spend time and effort for KYC before they create an account for their customers. This information can be leveraged to provide an identity card for the customers that can potentially be used by customers to prove their identity to other trusting parties
Decentralized identity management solution
Features
Benefits
- Bank KYC portal to generate an identity card and store the digital identify of the customer on blockchain. - Customer can leverage the identity card to prove her/his identity to other trusting parties in the consortium.
- Secure storage of identity - Easy portability and sharing of identity across consortium entities - Reduced time in KYC for companies
Current Status - Product Under Development - Could be of interest to any client looking at simplifying onboarding of customers
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Value Proposition 8 : Participation Deal solution Trade Financing solution Simplify Participation deals using Blockchain
Opportunity
Solution
Participation Deals maintained on Distributed Ledger , enabling easy sharing of info between Participating Banks as well as increased transparency, streamline process and enable real-time updates
Leverage Blockchain to manage Participation deal lifecycle.
Features
Benefits
- Participation Deals are created in the Block Chain Banks can issue - Drawdown and rollover events are updated by Lead Participating bank in block chain. - Real-time updates of Risk for Participating Bank
- Easy consensus process to update Participation deals - Single Place to track all the underlying deals under Participation deal - All events (amendment/ cancellation) in individual deal will be visible to all participating bank
Current Status - In concept stage
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Value Proposition 9: Delinquency Prevention leveraging Blockchain Delenquency Prevention Solution
Enable banks to form a consortium to track customer’s actual credit capacity
Problem
Solution
Banks provides credit card limit to customers depending upon their credit worthiness. Customers can have multiple cards, thus increasing their overall debt taking ability without having the overall credit worthiness
Consortium of Banks publishing credit limits and card utilization on a blockchain and trigger of notification if outstanding balance above threshold.
Features
Benefits
- Adjust Customer Credit Capacity based on card limits - Reporting of card utilization information to a distributed ledger. - Automatic generation of notifications if utilization execeeds customer’s credit capacity.
- Real time updates of customer’s total outstanding balance across cards - Reduces the risk exposure of banks due to delenquency of customers.
Current Status - In concept stage - Could be interest to any bank consortium 27
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Appendix-II FI’s Increasing Focus on Blockchain
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Financial Services firms see huge disruptive potential in Blockchain technology FIs and banks are increasingly focusing on the blockchain technology
94%
Believes that blockchain will create disruption in financial market
17%
Financial Institutions are implementing some applications for blockchain
47%
Reviewing uses of blockchain technology for adoption
56%
Familiar with the Blockchain startups and looking keenly into it
Payments top the list in disruption, followed by derivatives
84%
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Want to use blockchain for reducing settlement risks and settlement time
62%
Believe that blockchain can be used in OTC derivatives, apart from payments
Source: Greenwich Associates 2015 study based on 58 financial respondents in America, Europe and Asia.
Banks and Financial Institutions are showing keen interest towards investing, innovating and partnering for Blockchain technology… (1/4) • ANZ Teamed up with venture technology accelerator BlueChilli offering a $40K prize to the start-up that creates the most useful and disruptive business idea for the bank's SME and commercial real estate customers. • The bank Partnered with Ripple Labs to incorporate the Blockchain platform in its system to track customer payments.
• Barclays launched a startup accelerator programme called Barclays Accelerator dedicated to Blockchain startups. By incubating Safello, Atlas Card, and Blocktraces, the bank want to explore use-cases of the Blockchain technology. • The bank entered into a Proof-of-Concept (PoC) agreement with Safello to co-create a Bitcoin platform. • BBVA made investment in Coinbase’s $75 mn funding round. • The banks has selected 9 crypto startups in its Open Talent competition to explore Blockchain applications in field of payments and trading. Leading names are Bitnexo Bitso, Volabit, Bitwage, Snapcard, Safello.
• BNP Paribas conducted internal trials for the application of Blockchain in custody services, fund administration and transfer agency.
• BNY Mellon is using Blockchain technology to build an application to shift its internal client-server architecture to P2P model. • It also launched its own BK Coins, which is used internally as an incentive programme for employees.
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Source: Public web sources
They have realized the importance of Blockchain as a disruptor across different banking segments… (2/4) • Citi teamed up with venture technology accelerator BlueChilli offering a $40K prize to the start-up that creates the most useful and disruptive business idea for the bank's SME and commercial real estate customers • The bank has developed three Blockchains running in its internal systems and developed its own Citicoin. It is exploring the potential in the field of cross border payments • Commonwealth Bank of Australia is trying to implement the Ripple platform to settle international payments quickly.
• DBS bank hosted a Blockchain hackathon in May 2015. Through the hackathon, the bank wanted to find use-cases of the Blockchain technology that could help the unbanked and could optimize current banking systems.
• Deutsche Bank has been exploring the Blockchain in enforcement and clearing of derivatives contracts, know-your-customer, anti-money laundering registries and surveillance, and securities asset servicing through its new innovation labs in London, Berlin and Silicon Valley. • Fidor is the first major bank to experiment with virtual currency and Blockchain. • The bank partnered with Karken to provide digital currency exchange in EU and with bitcoin Deutschland GmbH in Germany. It has also partnered with Ripple Labs to use its payment protocol to provide customers money transfer services in multiple currencies and with bitcoin.de, a P2P bitcoin trading platform.
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Source: Public web sources
Payments innovation leads the way with focus on cross-border payments followed by Distributed Ledger for Capital Markets… (3/4) • Goldman Sachs is co-leading a nearly $50 Million investment in Bitcoin payments startup Circle Internet Financial as part of its effort to buy stakes in young fintech companies. • The bank has also been keen on searching for applications of the Blockchain technology that could transform trading, which could be used in the stock market. • • • •
Expressed that they are working on a new project with Blockchain technology. Developed Cuber Wallet, an app based on “Colored Coins” Blockchain technology. Partnered with Coinbase and CoinFloor. While many other banks are looking into different Blockchains or even thinking of building their own, LHV bank is “utilizing existing reliable components” of the Bitcoin Blockchain.
• Rabobank is testing Blockchain technology, including bitcoin and is also experimenting with the Ripple payments network. • Santander Bank has found over 25 possible use-cases of the Blockchain that could be implemented to traditional banking systems. • Santander has also co-authored report in which they discovered that the integration of the Blockchain technology could eliminate up to $20 Billion of banking costs. • The bank has come up with Santander InnoVentures, which is a $100 Million fintech investment fund. • Société Générale posted a job listing on 2nd July for an "IT developer on bitcoin, Blockchains and cryptocurrencies". According to the advertisement, the role would entail research and development involving both cryptocurrencies and Blockchain.
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Source: Public web sources
Partnerships are key to innovation with many banks partnering Ripple Labs (4/4) • UBS has a research lab in London focused on Blockchain. • UBS CIO Oliver Bussmann also provides one-on-one mentoring to fintech startups based out of London in the areas of Blockchain & social media analytics. • The investment bank is experimenting in the areas of payments, trading and settlement, and smart bonds. • USAA banking, insurance, and investment management subsidiaries hopes the "Blockchain" technology could help decentralize its operations such as the back office. • The firm has created a large team researching the potential of the Blockchain. However, USAA is still in early stages of its research and has yet to identify how it will implement the technology. • The firm has also invested $75 Million in Coinbase. • Westpac has also partnered with Ripple Labs to incorporate the Blockchain technology into its systems. Westpac has integrated the Ripple protocol to track down transactions & settlements and for understanding customer behavior.
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Source: Public web sources
