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Indian tech tycoon TCS bets on blockchain synergy to drive revenue growth in FY 2018-19

Indian IT giant TCS making abuzz in buzz world, relying on enhanced deployment of blockchain technology especially in the gamut of banking and financial operations. Well, TCS, has announced a robust earning prints in the recent past, its revenues for the just concluded quarter grow 15% YoY to INR 34,261 crores.

For now, the spotlight turns towards this IT giant as Tata Consultancy Services Ltd. (TCS) is intending to generate a whopping $200 million in annual revenue out of its blockchain solutions in the FY 18-19.

While the company’s COO, N. Ganapathy Subramaniam also seemed to be highly optimistic on the board and mentioned that:“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 coupled with the company’s digital space and in its latest quarterly financial report (April-June 2018), the segment reported $1.26 billion in revenue. 

TCS ran into in the investment of blockchain technology some two years back, when it first started to work on core banking solutions.

Although, Mr. Subramaniam refused to enumerate the business revenue generated by individual digital components, including blockchain but seemed constructive by saying that there is the huge prosperity and we are very focused on the space, when asked if the company’s blockchain practice can become a $200-300 million business by the end of March 2019. Courtesy: LiveMint & company sources

Currency Strength Index: FxWirePro's hourly BTC spot index has shown 130 (which is bullish), while hourly USD spot index was at 63 (bullish) while articulating at 09:47 GMT. 

For more details on the index, please refer below weblink: 

http://www.fxwirepro.com/currencyindex

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