tcs: TCS bets on blockchain-based solutions in financial services
TCS has won six large contracts in the past five months for projects built on blockchain technology, including one for the creation of a bank guarantee program for a major Israeli bank.
âIt’s not just about early adopters anymore,â said R Vivekanand, co-head of TCS Financial Solutions. âAround 2019, it was a complete hype cycle. People had unrealistic expectations and others were doing blockchain for the sake of blockchain, but now we are past all of that.
Vivekanand added that blockchain has now become a foundational technology, with TCS winning large-scale deals that would be rolled out commercially as early as the first half of 2022.
These blockchain-based projects are no longer pilots, as a leading global bank has already commissioned an interbank solution built using the technology, a project Vivekanand said TCS executed.
“These solutions don’t need to be built on the blockchain, but they lend themselves to it so well that they integrate perfectly,” he added.
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Vivekanand also runs TCS Quartz, which has positioned itself as a startup within the company to provide blockchain-based solutions to clients.
The company said hiring talent to create blockchain-based solutions for clients was always a big challenge.
He tried to solve this problem by creating an application called DevKit, which runs on multiple blockchain technologies and only requires a Java programmer to write code to create solutions.
TCS, however, has yet to find the best talent to design blockchain solutions, Vivekanand added.
He said it was not viable to simply port database-based solutions to the blockchain, as it requires further thought to design solutions for the blockchain and take advantage of the distributed nature of the system.
Besides blockchain solutions, TCS is also experiencing a high demand for products designed for exchanges and trading platforms.
The company said it had to speed up project rollouts due to unprecedented trading volumes in capital markets due to the Covid-19 pandemic.
On Thursday, TCS announced that it had won another large contract in this space, with India’s largest commodity trading platform, Multi Commodity Exchange (MCX), to build a new technology platform, at the both for trading and post-trading functions.
Vivekanand said this is one of the largest and most complex projects TCS is currently undertaking in India.
âMCX calls this project Udaan, and it’s their most important initiative in their new guise. We are replacing all of their systems end to end – trading, clearing, market participants, trading workstations, front-end – for all of their commodity markets, âhe said. âWe are looking at the second half of next year for commissioning. It’s pretty aggressive for a program of this complexity, but we’re on the right track because we have a proven solution.