Accenture, a multinational management consulting services company, has announced the launch of a specialized practice within its financial services group to help institutions implement blockchain technology in order to improve operational efficiency, security, and client service, as well as to capture new revenue opportunities.

The blockchain practice will bring together global resources from the company’s consulting, strategy, digital, technology and operations services. It will help clients define distributed-ledger strategies, implement business-model transformations, create and protect technology architectures, and enhance the end-user experience.

“New practice will implement emerging technology that is projected to reduce financial services industry costs by more than $20 billion annually by 2021”, the company said in a press release.

Accenture has been taking interest in blockchain and distributed ledger technologies. The company is actively involved in the Linux Foundation’s recently announced open source Hyperledger Project. Also it has invested in Digital Asset’s latest funding round.

In addition, Accenture has also formed an alliance with blockchain startup Digital Asset Holdings, LLC to help institutions assess and implement block chain related solutions. As part of the agreement, the MNC will provide a range of services – from feasibility studies, business case assessments and operating model design to advisory services on systems architecture, cybersecurity and cloud, through to full-scale systems integration. The companies will work together on innovative solutions for banks, brokerages and infrastructure providers that Accenture will implement as a preferred systems integrator.

“Blockchain-enabled technologies are poised to bring huge benefits to the financial services sector over the next decade,” said Owen Jelf, managing director of Accenture’s global capital markets practice. “By forming this practice, we can help the industry unlock scalable and transformative uses of this innovative technology. Our recent investment and alliance agreement with Digital Asset allows our clients to benefit from a close collaboration that will accelerate blockchain deployment industrywide.”