The largest Indian IT company, Tata Consultancy Services Limited (TCS), is currently working on a wide range of blockchain projects. In order to do so, the company is leveraging the services provided by R3’s blockchain platform. They are also working with Microsoft Azure Blockchain. The main intention behind it is to implement distributed ledger technology (DLT) in different sectors of the business.
According to a recent report released by ANI, TCS is working on five different blockchain architectures that offer different solutions. They want to offer different blockchain-related solutions such as digital identity or tokenization of assets. Moreover, they can also be trying to develop a tracking system.
In order to do so, TCS will be using R3’s blockchain solution, Corda Corda Enterprise, and it will be hosted on Microsoft Azure cloud. In terms of market capitalization, TCS is the ninth-largest IT company. The firm focuses on developing cross-industry blockchain platforms that will be able to scale in the future.
Lakshminarasimhan Srinivasan, the Global Head of Blockchain Services at TCS, said:
“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.”
Until now, there is still no timeline for these solutions to be launched. Nonetheless, the company expects the cross-industry blockchain platforms to increase adoption of the technology in the near future.
In addition to it, TCS is also working on a market position in the blockchain space. The software powerhouse TCS has been offering its blockchain solution called Quartz, it allows companies to use DLT in the financial ecosystem and reduce the costs of transacting money.
According to Srinivasan, DLT and Internet of Things (IoT) will lead to new opportunities to increase income in the future. Moreover, he mentioned that these technologies will be driving hyper-productivity and business transformation.
Tech Mahindra, another IT company, has also been very bullish on the application of blockchain technology in different industries. The firm has signed a Memorandum of Understanding (MoU) with the state government of Telangana with the intention to build a blockchain district. Mahindra has also been working with Microsoft so as to create a blockchain-related platform and regulate unsolicited telecom communications.