Organizations across the globe are looking to explore and embrace benefits from blockchain technology leveraging on multiple meaningful collaborations effectively to open up access to new markets/customer segments, and new services. A solution that can facilitate the setting up of complete ecosystems on blockchain technology and can enable real-time and efficient transaction processing, eliminating the need for intermediaries is the need of the hour. The BaNCS Industry Network effectively meets these needs and can help organizations harness the power of Business 4.0™, designed to help our customers leverage the power of ecosystems, and create exponential value.
The BaNCS Industry Network Model
The BaNCS Industry Network comprises a private, permissioned blockchain ecosystem over which participating TCS BaNCS customers (Banks, Custodians, CSDs, Insurance firms) can seamlessly connect to and access information and services from a single ledger. It brings together various organizations in an ecosystem model, allowing all of them to access authentic data on a real-time basis, emphasizing on the complete transformation of the collaboration model, which today typically involves individual communication links with each entity.
The BaNCS Network comes with a set of business ready, and “designed for blockchain” Smart solutions – such as corporate announcements dissemination, reference data publishing, settlements, claims processing among others. Organizations can access the solution in a Cloud sandbox, experiment with blockchain and solutions, refine the operational model and thereafter launch new business processes, accelerating innovation in a collaborative manner.
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- Facilitates experimentation and piloting of new business processes amongst a closed user group of organizations
- Promotes service expansion into new markets, in collaboration with local entities that are part of the BaNCS Industry Network
- Instant access to accurate, immutable data on the blockchain
- Eliminates reconciliation issues as a result of real-time access to information from the ledger
- TCS is investing by embedding blockchain capabilities in existing TCS BaNCS solutions and providing a set of solutions comprising Smart Contracts that are deployed on the BaNCS Industry Network
- The Gateway facilitates seamless connectivity to the BaNCS Industry Network for each of the connecting entities
- Allows participants to benefit from lower costs by leveraging on a shared infrastructure