Blockchain Revolution Series: TCS’ B⍺NCS To Deploy Quartz Blockchain For Real-Time Settlement Service

When it comes to Blockchain as budding technology and cryptocurrencies as evolving currency system, then it comes forward as the most probable solutions to get rid of bottlenecks that exist in the current system. 

Evidently, TCS’ B⍺NCS financial solutions under the flagship company of Tata Consultancy Services (TCS), the leading Indian IT giant, appears to be pioneering the world’s first overseas securities settlement deploying Quartz blockchain.

Successful Tests by Maroclear and Kuwait Clearing Company, using Cash Coins, the project likely to reduces the currency risks and enhances liquidity in the long run, the press release.

This announcement by the consulting and business solutions company has made it clear that this is to be made successful by using cash coins on the BaNCS network, which is powered by Quartz Blockchain.

The VP and Co-Head, TCS Financial Solutions, Mr. R Vivekanand, said, “The BaNCS Network has been created by TCS to leverage the power of Blockchain to deliver exponential value from ecosystems, a part of TCS’ Business 4.0™ vision. We are pleased to see our TCS BaNCS customers, Maroclear and Kuwait Clearing Company, leverage this capability, vindicating our commitment to provide sustained long-term value and innovation to our customers. The real-time cross-border settlement with cash coins reduces risks, costs and has the potential to create enhanced liquidity in markets in the Middle East and Africa.”

We explicitly reported in our earlier posts that the overseas payments while covering ripple’s traction in the trade finance transaction, which will also have the most investment in this year (approximately about $453 million). 

The Ripple company's ability to send cross-border payments quickly and efficiently is seen as a plus, but banks using the existing Society of Worldwide InterBank Financial Telecommunications (SWIFT) system are not likely to give up their dominance in the field quickly.

But this time, as Mr.Vivekanand said, BaNCS Network has been created to leverage the power of Blockchain to deliver exponential value from the ecosystems in the gamut of settlement services.

Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at -126 (which is bearish), while hourly USD spot index was at 11 (mildly bullish) while articulating at 12:10 GMT. 

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