Homegrown IT services major Tata Consultancy Services (TCS) is developing blockchain solutions to adopt them across industries using technologies from software giant Microsoft and enterprise blockchain software firm R3.
According to a statement released by TCS, it sees the need for horizontal cross-industry platforms on which scalable solutions can be rapidly developed.
It also 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, it said in the statement.
TCS has already identified and is developing five blockchain platforms that include digital identity, track and trace, assets in common, asset monetisation, and tokenisation. Across these horizontal platforms, the company has detected numerous solution opportunities and is building them out by leveraging their respective customer and partner networks, the statement added.
Blockchain technology can be applied across a wide variety of industries including managing component lifecycle in manufacturing, digital assets rights, electronic health records management, software IP protection, peer-to-peer insurance and many more, said the statement.
“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,” said Lakshminarasimhan Srinivasan, global head, blockchain services, TCS.
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. Last year, it company partnered with US chipmaker Intel Corp. to help its business clients protect their assets and data while deploying blockchain solutions.