Saravanan Prathapkumar, Malini Raman & R Vivekanand, TCS Financial Solutions
The blockchain journey
Blockchain technology is steadily moving from the hype cycle to the adoption stage. As the maturity and understanding of the technology increases, organizations are moving from the experimental/‘PoC’ stage to implementing the technology for specific business processes, which are likely to be followed by more large scale commercial implementations. Business process innovation will be a key driver of this change and is expected to bring about positive disruption in the way services are delivered.
This journey of blockchain adoption is visibly underscored by strong collaboration amongst all players in the value chain, quite unlike the traditional model where organizations have been known to compete with each other – where secrecy was the norm with respect to the choice of technology, launch plans and even business models. Active collaboration is being witnessed between financial institutions, traditional technology firms, fintechs, and as well as regulators and governmental agencies. Organizations will therefore need to use the right levers of IT, infrastructure and tools, domain expertise and collaboration in order to drive digital transformation of their businesses.
Can architectural principles hold the key to faster blockchain adoption?
As with traditional IT projects, robust architectural principles can be the key enabler for organizations intending to implement blockchain. A well-designed architecture can provide a strong foundation and aid organizations in embracing blockchain-led innovation in a faster and more structured manner.
Read the white paper.