Leading Indian tech firm Wipro Ltd is focusing on the potentials of distributed ledger technology and has set up a blockchain research facility at its Bengaluru campus, India, in a move to develop software applications using the technology.

In an interview on Monday, K.R. Sanjiv, CTO of Wipro, mentioned that the firm is interested in blockchain use-cases in areas such as SWIFT, asset management, and identity management, Livemint.com reported.

“We have built some prototypes, done demos, and we are in the process of implementing some internal use cases for our customers,” Sanjiv said.

Wipro has been working on a few blockchain projects for its banking clients. Presently, the company generates a tiny portion of its revenue from offering blockchain solutions, which is expected to go up once more companies start adopting the technology.

Earlier in June, the company was looking for a technical lead for blockchain technologies in Bengaluru. The potential candidate requirements included exposure to any one of blockchain platform like Ethereum, Ripple, Stellar; a deep understanding of cryptocurrencies and various distributed consensus methodologies like PoS and mining; among others.

Wipro has partnered with few startups in order to scale up the business. However, the names of these startups have not been disclosed yet. 

A recent blog post by Ramesh Babu, practice head of Financial Services Analytics at Wipro, stated the significance and potential of blockchain technology and that more financial institutions and other industry leaders have embraced the technology. He also stated that 2016 has started with a bang with significant uptrend on the number of transactions conducted on the blockchain.

“The standards are going to be the backbone of blockchain adoption. They will bring the industry together. It will impact the whole business community and in the future blockchain might just be the standard for everything that we do, just like the Internet is now,” Prasanna Sundararajan, practice head of Blockchain and API platform at Wipro stated according to a blog post regarding two-day W3C’s workshop held at the MIT Media Lab in Cambridge, MA, in late June.

Wipro has become the third outsourcing firm in India to use blockchain technology, after Tata Consultancy Services (TCS) and Infosys Ltd. In April, EdgeVerve Systems, a wholly owned subsidiary of Infosys, introduced its EdgeVerve Blockchain Framework in a move to foster blockchain adoption by the global financial services sector.