TCS Partners with LACChain to Develop a Blockchain Ecosystem in Latin America and the Caribbean
Tata Consultancy Services Will Design a Marketplace of Innovative Blockchain-based Solutions in Healthcare, Energy, Education and Financial Services to Transform Lives and Economies in the Region
WASHINGTON D.C. | MUMBAI, May 26, 2021: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that it has partnered with LACChain, an initiative led by IDB Lab, the innovation laboratory of the Inter-American Development Bank Group, to drive the development of a blockchain ecosystem across Latin America and the Caribbean.
The LACChain alliance collaborates with technology partners and ecosystem actors to create blockchain platforms, standards, and marketplaces to innovate and co-create life-changing solutions for people who are vulnerable and affected by economic, social or environmental factors.
TCS will leverage its deep domain knowledge across industry verticals, technological expertise, and research and innovation to create a marketplace of blockchain solutions in the areas of healthcare, energy, education and financial services. The partners will focus on coming up with a range of solutions to address the urgent need of healthcare systems – such as decentralized vaccination distribution platforms and immunity passport for safe travel – which will also aid in reviving the economy and ensuring safe travel.
In the digital identity space, the partners will create blockchain solutions to enable collaboration between academics and companies to create a skills marketplace and revive the job market in the geography. In the financial services field, it will address inefficiencies in payments and settlements to offer faster settlements and financial inclusion for every citizen. The solutions will also drive the adoption of renewable energy while reducing the cost per unit, creating an abundance of energy for the people.
“This partnership with TCS brings to LACChain, an international consulting firm with wide experience in the development and implementation of technology. We believe that TCS’ expertise will be a very relevant contribution to the working groups on blockchain infrastructure and digital identity, and we welcome with excitement their desire to help us to continue developing the blockchain ecosystem in Latin America and the Caribbean,” said Irene Arias Hofman, CEO, IDB Lab.
Anupam Singhal, Business Head, Banking and Financial Services, TCS, said, “Our purpose-led approach, powered by our investments in research and innovation, ability to successfully leverage ecosystems and harness contextual knowledge, makes us the preferred partner to Inter-American Development Bank, in creating a positive impact in our society. The partnership serves a greater purpose of social and economic development in the region.”
About Tata Consultancy Services (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 488,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22.2 billion in the fiscal year ended March 31, 2021, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com and follow TCS news at @TCS_News.
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