Wipro Becomes Energy Web Foundation Affiliate to Accelerate Blockchain Adoption in the Energy Sector
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting, and business process services company, today announced that it has become an Affiliate of the Energy Web Foundation (EWF), a global nonprofit organization focused on accelerating the adoption of blockchain technology in the energy sector. In collaboration with more than 50 Affiliates from around the globe, EWF is building and scaling the Energy Web Chain, the first public, open-space blockchain platform tailor-made for the energy sector.
EWF’s charter is to identify, document and assess the most promising use cases of blockchain technology in the energy sector and provide functionalities needed to implement these use cases at scale. The Energy Web Chain is positioned to become the market standard that ensures interoperability, reduces costs and complexity, aligns currently dispersed blockchain initiatives, and facilitates technology deployment through easy-to-implement solutions.
“We are excited to welcome Wipro into the EWF community, and look forward to working closely with Wipro’s blockchain technology experts and energy domain consultants to identify high-impact blockchain use cases and develop enterprise-grade blockchain solutions for customers,” said Jesse Morris, Chief Commercial Officer of EWF. “Digitalization is one of the mega-trends driving the electricity grid’s transformation and re-making how utilities, grid operators, and others interact with this enormously complex system. Wipro’s core information technology and consulting expertise will be an asset to the EWF ecosystem.”
Subbi Lakshmanan, Senior Vice President and Head of Digital for Energy, Resources & Utilities business, Wipro Limited said, “Joining the EWF consortia reflects our commitment to the energy sector and our belief that blockchain and allied technologies such as IoT, Analytics and AI will play a central role in helping the industry embrace the path-breaking move towards a new energy economy, enabled by distributed energy resources. Wipro is excited to be the only technology company in this consortium of some of the most visionary energy organizations in the world.”
Wipro can now leverage EWF’s R&D investments in blockchain technology and thereby gain early access to the overall energy blockchain system, deepen use case research and development, get access to a managed ecosystem of application developers, and utilize EWF’s educational material (regulators and standards) to accelerate blockchain adoption in the energy sector.
Krishnakumar N Menon, Vice President - Service Transformation and Blockchain Theme Leader, Wipro Limited said, “At Wipro, blockchain is a strategic theme with focus on driving transformation at enterprise / industry level by creating new markets, redistributing existing markets and streamlining business processes. We are working with global customers to drive blockchain adoption across the globe and help clients build production-grade blockchain networks, creating business value. Wipro was positioned in the ‘Winner’s Circle’ of the ‘HfS Blueprint report on Enterprise Blockchain Services 2017’. To help our global clients, we continue to invest in building a comprehensive ecosystem with clients, partners, academia, industry bodies and start-ups. We look forward to actively contributing to the EWF community to accelerate the blockchain adoption in the energy sector.”
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 160,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.
Energy Web Foundation (EWF) is a global nonprofit unleashing blockchain’s potential to accelerate the transition to a decentralized, democratized, decarbonized, and resilient energy system. EWF is building the shared, digital infrastructure—an open-source, scalable blockchain platform—specifically designed for the energy sector’s regulatory, operational, and market needs. Co-founded by Rocky Mountain Institute and Grid Singularity, and with a worldwide network of more than 50 affiliates and growing, EWF is the largest energy blockchain consortium and the industry’s leading choice as the foundational base layer, providing the building blocks powering the world’s energy future. For more, visit http://www.energyweb.org.
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
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