Comparative Analysis of Blockchain Initiatives and Financial Performance amongst Leading IT Companies (2016-2023)

  • Dr. Devyani Chatterji
  • Ms. Janavi Doshi
  • Ms. Pooja Singh Thakur
  • Ms. Chintal Chokshi
DOI: https://doi.org/10.69980/redvet.v25i1.858
Keywords: Blockchain Technology, Financial Reporting, Corporate Governance, Revenue Growth, Smart Contracts, Hyperledger Technology

Abstract

Blockchain technology with its decentralized and immutable ledger system has profoundly impacted the financial sector. This paper examines how blockchain initiatives have influenced financial reporting and performance among major IT companies. By enhancing transparency, data integrity and process automation blockchain addresses traditional challenges such as fraud and inefficiencies.

The research paper focuses on a comparative analysis of blockchain initiatives and financial performance of leading IT firms from 2016 to 2023. Companies including Wipro, Tech Mahindra, HCL Technologies, IBM India, Accenture India, Tata Consultancy Services (TCS) and Infosys have integrated blockchain technology transforming financial reporting and corporate governance. These firms have used blockchain to tackle critical financial challenges, improving transparency, accuracy and efficiency.

Wipro has emphasized transaction transparency and digital identity, while Tech Mahindra’s partnerships with blockchain platforms and HCL Technologies’ deployment of smart contracts demonstrate the diverse applications of blockchain. IBM India’s adoption of Hyperledger technology, Accenture’s advancements in digital identity and auditing, TCS’s Quartz Blockchain platform and Infosys’s focus on financial transactions illustrate the broad impact of blockchain on financial governance.

Among these companies, Tata Consultancy Services (TCS), HCL Technologies and IBM India saw the highest revenue growth between 2020 and 2023 with TCS leading in terms of significant increase. IBM India’s early adoption of Hyperledger and substantial contributions coupled with TCS’s development of the Quartz Blockchain platform, highlight their leadership in blockchain technology.

IBM India and TCS stand out for their pioneering efforts and substantial impact. While each company has excelled in various aspects of blockchain implementation, making it difficult to single out a "best" performer. Blockchain’s influence on revenue and profit growth underscores its effectiveness in automating processes, ensuring real-time compliance and providing immutable records. As blockchain technology evolves its role in enhancing financial reporting and corporate governance is expected to expand, offering even greater benefits to organizations and stakeholders.

Author Biographies

Dr. Devyani Chatterji

Assistant Professor, Faculty of Commerce, GLS University, Ahmedabad, Gujarat, India

Ms. Janavi Doshi

Research Scholar, School of Doctoral Research and Innovation, GLS University, Ahmedabad, Gujarat, India

Ms. Pooja Singh Thakur

Research Scholar, School of Doctoral Research and Innovation, GLS University, Ahmedabad, Gujarat, India

Ms. Chintal Chokshi

Research Scholar, School of Doctoral Research and Innovation, GLS University, Ahmedabad, Gujarat, India

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Published
2024-08-25
How to Cite
Dr. Devyani Chatterji, Ms. Janavi Doshi, Ms. Pooja Singh Thakur, & Ms. Chintal Chokshi. (2024). Comparative Analysis of Blockchain Initiatives and Financial Performance amongst Leading IT Companies (2016-2023). Revista Electronica De Veterinaria, 25(1), 1199-1204. https://doi.org/10.69980/redvet.v25i1.858
Issue
Vol. 25 No. 1 (2024)
Section
Articles