Tata Consultancy Services(TCS) has collaborated with Microsoft and R3 technology(R3) to adopt a scalable cross-industry blockchain platform.
R3 technology runs a distributed ledger research facility in Singapore. TCS has presented it blockchain-based initiatives earlier as well. Last year, the company was eyeing for the profit of Rs. 200 lakh as revenue. This time TCS will be using Microsoft Azure Blockchain cloud and will be harnessing the potential of R3’s “Corda Enterprise” Blockchain platform.
TCS has been currently developing solutions like the digital identity, track and trace, assets in common, asset monetisation, and tokenisation that gives an opportunity for the company that commercialised the solutions through its wide customer and partner networks
The Global Head of Blockchain, TCS Lakshminarasimhan Srinivasan, “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.
He also added, “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.”
Gavriella Schuster, Corporate Vice President at Microsoft, said “Microsoft has been in the forefront of helping enterprises adopt blockchain technology with its Azure Blockchain offerings and DevOps kits. This relationship would be valuable in accelerating adoption of these toolkits as well as in identifying future needs for rapid solution development and cloud hosting.”
According to CEO of R3 David E Rutter says, “This alliance is not just about bringing together each company’s products and services,” and he adds “It represents a rare opportunity for us 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 tokenisation, and digital identity verification.”
The company has already invested in Quartz Blockchain solutions for the enterprises in the financial services which have significantly decreased the transaction costs in the process.
With this collaboration, the company will be able to create business value for its customers by expanding the blockchain solutions across the companies.