Indian IT Giant TCS Teams With Microsoft And R3 For Cross-Industry Blockchain Platform Solutionsbr>
Indian IT firm Tata Consultancy Services (TCS) is developing scalable cross-industry blockchain platform solutions that would enable customers to unlock unrealized business value.
TCS, one of the largest Indian companies by market capitalization, provides information technology (IT) and IT enabled services worldwide. TCS has been 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.
In its latest announcement, TCS said that it is now developing solutions, using technologies from Microsoft and R3, to drive scaled adoption of blockchain across industries. The goal is to create five 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,” TCS said. “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.”
The blockchain platforms will reportedly include digital identity, track and trace, assets in common, asset monetization, and tokenization. TCS said that it has identified numerous solution opportunities across these horizontal platforms, and is building them out by leveraging their respective customer and partner networks.
“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,” TCS said.
Lakshminarasimhan Srinivasan, Global Head of Blockchain Services at TCS, said that by collaboratively identifying the base capabilities needed for disruptive ecosystem use cases and by extracting reusable assets from engagements that they have executed, they 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 programs,” Srinivasan said.
David E. Rutter, CEO of R3, said that the alliance is not just about bringing together each company’s products and services, it represents a rare opportunity for them to learn and develop solutions alongside one another so that the partnership is more than the sum of its parts.
“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,” Rutter said.