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 Aug 18, 2021 at 5:19 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • 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 have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, 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.