The leader of one of India’s biggest IT services firms said that his company 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 published 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.
“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, one of India’s major companies, employs more than 300,000 individuals worldwide. In a recent note to investors, the firm said that it was exploring applications for blockchain in the areas of 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. The firm has also reportedly worked with Dutch bank ABN Amro on developing proofs of concept.
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 Tata is involved in.
He 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.”
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