More Than 100 Blockchain Pilots Underway at Tata IT Consultancy

The leader of one of India’s biggest IT services firms said that his company is pursuing a wide range of potential blockchain applications.

AccessTimeIconOct 18, 2016 at 4:46 p.m. UTC
Updated Sep 11, 2021 at 12:34 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

One of India's biggest IT services firms is pursuing a wide range of potential blockchain applications.

N Chandrasekaran, CEO of Tata Consultancy Service (TCS), remarked on that work during an interview with Indian newspaper The Economic Times. According to the transcript, Chandrasekaran said that the firm is involved in "more than 100" blockchain prototypes, the result of a process that has played out over the past year and a half.

He remarked:

"Companies are doing this differently, in different pieces. If you take financial services, there is a lot of excitement about blockchain. So, we are trying to see how we can effectively use blockchain to bring a real-time behaviour between (multiple) nodes in a financial process."

TCS, which employs more than 300,000 individuals worldwide, further said in a note to investors that it is exploring applications for blockchain in cross-border payments, trade finance and digital identity.

While Chandrasekaran's comments constitute the broadest look at the Tata's work with blockchain to date, it's not the first. Last year, Visa indicated that it was looking to work with the consultancy on blockchain, and the firm has also reportedly worked with Dutch bank ABN Amro on developing proofs-of-concept.

Still, the remarks come amid a brightening climate for blockchain applications within India's financial sector, which is a likely source of at least some of the projects in which Tata is involved.

Chandrasekaran went on to say that the process by which technology is evolving in the IT space, "it’s not just replacing the old, it’s opening up new possibilities".

"If you ask me two or four quarters away, 'Do you see a blockchain practice producing a billion dollars next year?' I can't answer the question," he continued. "We are on the forefront."

Image via YouTube

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.