Author: Jagdish Kumar, India
Mumbai based multinational information technology (IT) service, consulting company, Tata Consultancy Services (TCS) believes that the current financial year will be a year for Blockchain.
Looking at immense opportunities in the sector, the company is looking to earn $200 million from integrating Blockchain technology with its clients.
Commenting on this development, company’s chief operating officer N. Ganapathy Subramaniam said as there are many proof of concepts already in the market, but this will further increase in the coming years.
The usage of Blockchain technology will increase more and will catch momentum in the coming years.
The banking sector with respect to payments and stock exchanges with respect to settlements will be the torch bearer for integration of Blockchain technology.
Speaking on how much the company is targeting in revenue from Blockchain sector, he said that that by the end of March 2019, the company is looking to earn $200 million to $300 million.
After Infosys, TCS is another company that is looking on new technologies to generate revenue. By doing this, it is developing its own talent pool from the company itself, rather than taking talents from other companies.
This not the first time, TCS is banking on new technology, the company started working on its core banking software, BaNCS, based on the underlying technology behind virtual currency Bitcoin way back in 2016.
US-based HfS Research, an outsourcing research firm executive said that TCS target is more than what they can achieve, as entire Blockchain services market will be less than $1billion this year.
However, TCS though has pool of skilled Blockchain resources and a strong partnership ecosystem with emerging Blockchain companies, platforms, consortia and academia under COIN (Co-Innovation Network). It also has technology agnostic approach, where it is following a multiplatform (Ethereum, Ripple) strategy for its clients engagements.
The company posted an increase in revenue of 10% to $5.05 billion in first quarter ended 30 June 2018 and during the same quarter net income was up by 17.2% to $1.02 billion, the company said in a statement released on 10 July 2018.
Image credit: tcs.com