January 08, 2019
TCS a leader in blockchain services: Everest Group
Report cites Tata Consultancy Services’ thought leadership, proactiveness, and domain solutions as strengths
New York | Mumbai: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization, has been recognized as a leader in the Everest Group PEAK Matrix™ for Blockchain Services1.
The strengths highlighted in the report include TCS’s account-level thought leadership and proactiveness to take ecosystem-centric and business outcome-aligned blockchain services to customers. The report mentions that the company’s apps, infrastructure, and operations-focused message for blockchain is grounded in reality and closer to execution of projects; TCS has built work-arounds for technology limitations by launching proprietary solutions.
“Enterprises are moving from competition and battle for control of resources to an era of abundance, purpose-driven ecosystems, and shared control. Blockchain technology is a critical enabler of this shift. The combinatorial effect of blockchain with other next-gen technologies such as artificial intelligence, Internet of Things, and virtual reality can not only drive hyper productivity and business transformation, but also open up new revenue streams through disruptive innovation,” said Lakshminarasimhan Srinivasan, global head, blockchain services, TCS. “This recognition from an independent, third-party researcher is a validation of our vision and thought leadership, investments, and capabilities in this space, specifically our comprehensive services strategy.”
With Business 4.0™ as the anchoring framework, Business Value Delivery Model for value realization and Machine First Delivery Model (MFDM™) for the technology roadmap, TCS is in a unique position to advise and support customers in their blockchain journey, from ideation to full-scale deployment. This includes advisory services, consulting, methodologies, solutions, platforms, and full stack capabilities.
TCS has launched Quartz blockchain solutions to help enterprises in the financial services value chain leverage blockchain for agility and to significantly reduce transaction processing costs. Quartz comprises domain-aware, self-executable smart contracts and enabling solutions such as the Quartz Gateway, the Quartz DevKit, and the Quartz Command Center. Quartz has been used to build a blockchain-based non-exchange trade settlement system in Canada and a cross-border corporate action information exchange across multiple entities in Africa.
In order to drive large-scale impact, TCS has been investing in building blockchain platform solutions for digital identity, track and trace, assets monetization, and assets in common that address the needs of multiple industries. TCS is actively exploring the curation of enterprise ecosystems which, powered by technology platforms, can unlock significant unrealized business potential as well as address some of the largest societal challenges.
Ronak Doshi, practice director, Everest Group, remarked, “TCS has demonstrated its leadership in blockchain by uniquely leveraging its own frameworks that are backed by management theories and behavioral science. Blockchain-driven endeavors across the globe will be successful only when organizations adopt a collaborative mindset, and TCS’s holistic approach will help organizations harness the blockchain technology to its fullest potential.”
“Our customer-centric approach that facilitates our contextual knowledge, ability to successfully leverage ecosystems, extensive portfolio of blockchain services and solutions, and investments in intellectual property make us the preferred partner for enterprises and their ecosystems looking to differentiate themselves in the digital economy,” added Lakshminarasimhan Srinivasan.
1 Blockchain Services PEAK Matrix™ Assessment 2019: Race to Make Enterprise Blockchain Real, Everest Group, November 2018