TCS joins LACChain Global Alliance to drive development of blockchain ecosystem in Latin America and the Caribbean
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization announced today a Memorandum of Understanding with LACChain, an initiative led by IDB Lab, the innovation laboratory of the Inter-American Development Bank Group, to become one of the key partners in the region to drive the development of the blockchain ecosystem across Latin America and the Caribbean.
Blockchain is identified as the technology of the future to bring about social and economic transformation. It is currently not scalable due to several factors such as the lack of ecosystem play, information asymmetries and absence of standards. The LACChain alliance formed will address these challenges by collaborating with ecosystem actors, creating platforms, standards, and marketplace along with its technology partners to drive innovation, co-create life-changing solutions for people who are vulnerable and affected by economic, social or environmental factors.
Anupam Singhal, SVP and Business Head, Tata Consultancy Services says “Our purpose-led approach, powered by our investments in research and innovation, ability to successfully leverage ecosystems and harness contextual knowledge, makes us the preferred partner, creating a positive impact in our societies. Our partnership with Inter-American Development Bank will ensure we serve greater purpose of social and economic development in the region”.
TCS, with its network, global experience, domain knowledge and technological expertise, will create a marketplace of Blockchain solutions in the areas of Healthcare, Energy, Education and Financial Services. The partners will focus on coming up with a range of solutions such as decentralized vaccination distribution platforms and immunity passport for safe travel, which will address the urgent need of healthcare systems. These will also aid in reviving the economy and ensuring safe travel.
In the digital identity space, blockchain solutions will enable collaboration between academics and companies to create a skill marketplace and revive the job market in the geography. In the financial services field, inefficiencies in payments and settlements will be addressed to offer faster settlements and financial inclusion for every citizen. These solutions will also drive the adoption of renewable energy while reducing the cost per unit, creating an abundance of energy for the people.
“This partnership brings to LACChain an international consulting firm with wide experience in the development and implementation of technology. We believe that TCS expertise will be a very relevant contribution to the working groups on blockchain infrastructure and digital identity, and we welcome with excitement their desire to help us to continue developing the blockchain ecosystem in Latin America and the Caribbean.” said Irene Arias Hofman, CEO of IDB Lab.
About LACChain
LACChain is a global alliance made up of different actors from the blockchain environment, led by IDB Lab, the innovation laboratory of the Inter-American Development Bank Group, for the development of blockchain ecosystem in Latin America and the Caribbean. Its objective is to accelerate the empowerment and adoption of blockchain technology in the region for the promotion of innovation, the reduction of economic, social, gender and other inequalities, the promotion of quality and job security, the promotion of financial inclusion, consumer protection and market integrity. To do this, LACChain focuses on two main pillars: community and infrastructure.
Expected results are based on empowering people, improving digital security, building confidence in the digital economy and society, promoting energy efficiency, thereby supporting inclusive growth, welfare, human rights, and fundamental values.
About IDB Lab
IDB Lab is the innovation laboratory of the Inter-American Development Bank Group, the leading source of development finance and know-how for improving lives in Latin America and the Caribbean (LAC). The purpose of IDB Lab is to drive innovation for inclusion in the region, mobilizing financing, knowledge, and connections to test early-stage private sector solutions with the potential to transform the lives of vulnerable populations affected by economic, social, and environmental conditions. Since 1993 IDB Lab has approved more than US$ 2 billion in projects deployed across 26 LAC countries. www.idblab.org
About Tata Consultancy Services (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India’s largest multinational business group, TCS has over 488,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22.2 billion in the fiscal year ended March 31, 2021 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS’ proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com and follow TCS news at @TCS_News.
