Blockchain technology adoption is spreading to a variety of sectors

20 August 2019 2 min. read
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In an interview with Forbes, Global Head of Blockchain Services at Tata Consultancy Services (TCS) Lakshimi Srinivasan has revealed that TCS clients from nearly every sector are currently in the initial stages of integrating blockchain technology to drive growth within their operations. 

At the moment, businesses that are toeing the line between digital integration and cost-saving are looking to assess the value that blockchain holds for their organisation. As a result, many of those investing in blockchain are currently engaged in pilot projects, and have not invested in “proof-of-concepts” as of now.

TCS is currently the largest IT services firm in India, and has been named the fastest growing IT services firm in the world this year. The firm has been investing in every aspect of the Industry 4.0 paradigm, and has been particularly active in developing its blockchain capabilities recently.

In March this year, the firm announced that it was amid efforts to develop five different blockchain platforms for the Indian market, each endowed with distinct capabilities and solutions. The step was taken to serve the broad range of sectors currently examining the blockchain paradigm, as use cases for the technology expand daily.

Lakshimi Srinivasan, Global Head of Blockchain - Tata Consultancy Services

According to Srinivasan, TCS has been similar to global IT giants such as Amazon and IBM in its approach to offering blockchain services. The firm is essentially focused on developing frameworks that can facilitate the easy adoption of blockchain architecture for firms across the globe that are looking for a smooth transition.

To this end, most solutions being developed by TCS are designed to enable growth and innovation, which aligns with the objectives of most firms that have made the decision to invest in blockchain. Within this broad focus, the firm has two “prongs” on which its blockchain services rest.

The first is blockchain services in the enterprise planning category, which lays emphasis on business aspects such as productivity and efficiency. The second, according to Srinivasan, accommodates those businesses that are looking to develop entirely new business models.

It is designed “for new ways of doing business, whether a new business model or new revenue streams, by bringing together multiple entities in what we call security ecosystems that could deliver [significant] value. That might involve collaborative effort in terms of bringing the parties together, as well as investing on platforms that will enable such ecosystems to operate,” he said.