With the increased adoption of blockchain technology in the banking and financial sector around the world, the Mumbai-based IT major, Tata Consultancy Services Ltd. (TCS) is eyeing to generate as much as $200 million in annual revenue from its blockchain solutions in the FY 18-19, as per reported in Live Mint.
This reflects the company’s strategy to make itself future-proof by investing in newer technologies and thus gaining from newer technologies. Also, the company’s ability to scale up blockchain reflects its overall strategy to build up organically rather acquiring talents and technology in the new areas.
TCS’s COO, N. Ganapathy Subramaniam is very optimistic about the target and said the company is very focused on its development.
“I believe this year will be a year of Blockchain. What I mean by this is that until now we have seen a lot of proof of concepts but over the next 12 months, we’ll see a lot of projects of significance, which will set us up for a greater momentum in the coming years.”
“Banking is one sector, especially with respect to payments, trade processing and settlements in capital markets which are seeing very advanced stage of adoption of blockchain.”
The blockchain technology is clubbed under the company’s digital segment and in its latest quarterly financial report (April-June 2018), the segment reported $1.26 billion in revenue. TCS started to invest in the blockchain technology some two years back, when it first started to work on core banking solution, BaNCS using the underline technology. It was also the same time around when Infosys and Wipro were aggressively investing in the blockchain technology, but now it looks that TCS has taken a significant lead over them.
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