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Tata Consultancy Services to Develop Scalable Cross-Industry Blockchain Platform Solutions Enabling Customers to Unlock Unrealized Business Value
NEW YORK | MUMBAI, March 14, 2019: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading IT services, consulting, and business solutions organization, announced that it is developing solutions to drive scaled adoption of blockchain across industries, using technologies from Microsoft and R3, a leading enterprise blockchain software firm.
As enterprises are gearing up to go beyond experimentation and exploration with blockchain technology, TCS sees the need for horizontal cross-industry platforms on which scalable solutions can be rapidly developed. TCS plans to scale up hybrid cloud infrastructure with new capabilities and a micro-services architecture which will enable enterprise customers to digitally transform their business while uncovering new business value. The platforms will sit on the Microsoft Azure blockchain cloud while harnessing the full potential of R3’s Corda Enterprise blockchain platform, allowing TCS to quickly develop and deliver application layer solutions.
TCS has already identified and is developing five blockchain platforms that include, digital identity, track and trace, assets in common, asset monetization, and tokenization. Across these horizontal platforms, TCS, has identified numerous solution opportunities and is building them out by leveraging their respective customer and partner networks.
Industry application of blockchain technology is widespread in areas like management of component lifecycle in manufacturing, digital assets rights, electronic health records management, software IP protection, peer-to-peer insurance, and many more. Platforms developed through the alliance will be equipped with complete DevOps kits wherein assets from all three companies would be available for rapid design, building, and deployment.
“By collaboratively identifying the base capabilities needed for disruptive ecosystem use cases and by extracting reusable assets from engagements that we have executed, we are in a strong position to build and test minimum viable platforms for customers,” said Lakshminarasimhan Srinivasan, Global Head, Blockchain Services, TCS. “Some of the anchor solutions that we are building on these platforms include skills marketplace, anti-counterfeiting of luxury goods, affordable mobility, shared telecom infrastructure for 5G, and loyalty and rewards programs.”
“Microsoft has been in the forefront of helping enterprises adopt blockchain technology with its Azure Blockchain offerings and DevOps kits,” said Gavriella Schuster, Corporate Vice President, One Commercial Partner, Microsoft. “This relationship would be valuable in accelerating adoption of these toolkits as well as in identifying future needs for rapid solution development and cloud hosting.”
“This alliance is not just about bringing together each company’s products and services. It represents a rare opportunity for us to learn and develop solutions alongside one another so that the partnership is more than the sum of its parts,” said David E Rutter, CEO, R3. “It also provides a valuable ability to leverage joint networks of customers and partners to rapidly accelerate the adoption of Corda in key focus areas for R3, such as insurance, asset tokenization and digital identity verification.”
TCS has been successfully deploying its Quartz Blockchain Solutions for enterprises in the financial services value chain, leveraging the technology for its agility and ability to significantly reduce transaction costs. Now TCS is positioned to actively curate enterprise ecosystems through expanded blockchain platform solutions across industry domains that will identify unrealized business value for customers.
About Tata Consultancy Services Ltd (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 the last fifty years. TCS offers a consulting-led, Cognitive powered, integrated portfolio of IT, Business & Technology Services, and engineering. 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 417,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $19.09 billion for year ended March 31, 2018 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 Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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