TCS starts work on five blockchain architectures to serve various industries
Hoping to remain competitive in India’s reapidly expanding digital environment, Indian IT services giant TCS has announced that it is in the process of developing as many as five blockchain platforms for India, equipped with state-of-the-art capabilities and solutions for a number of different sectors.
The new networks will operate on the cloud, and will specifically be housed in the Microsoft Azure platform. Meanwhile, the specific blockchain platform being employed by the networks is The Corda Platform, which is an open source platform developed by blockchain specialist firm R3 to cut operational costs.
The objective of developing multiple architectures is to generate capacity to support clients across a number of different industries by providing flexible and decentralised distributed ledger systems. Nevertheless, the firm plans additionally to use the new platforms to develop a number of solutions in the blockchain sphere.
These include functions such as track-and-trace, asset monetisation and assets in common that can be used by firms across a number of sectors. The move is part of broader efforts to promote the adoption of blockchain technology across the Indian business environment, although an exact timeline for launching the solutions has not been released.
IT services are rapidly growing in demand across the Indian market, prompting a number of international firms to ramp up their investment efforts in the country, while domestic firms look to consolidate their position in the market. TCS is currently the largest IT services firm in India by market capitalisation.
The firm is also the fastest growing IT services firm in the world, and will hope to cement its position in the blockchain domain using the foundation established through the new network of architecture. As per the firm, blockchain capabilities can be further developed through combinations with artificial intelligence and data analytics.
Commenting on the move, Lakshminarasimhan Srinivasan, TCS’ Global Head for Blockchain Services said, “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.”
“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 programmes,” he added.
