BaNCS Industry Network
Simplified ecosystem collaboration to leverage DLT
Industry
Solution
Quartz™ - The Smart Ledgers™
Quartz™: Creating collaborative ecosystems using resilient technology
Highlights
- The BaNCS Industry Network helps organizations to explore and embrace the blockchain technology effectively and seamlessly collaborate in the ecosystem for bilateral transactions.
- It provides a set of business-ready and “designed for blockchain” smart solutions and access to authentic data in real-time on a single ledger, eliminating the need for intermediaries.
- Organizations can access it on cloud sandbox, experiment with the technology and solutions, and enhance business models and operational processes.
In this article
Abstract
Companies across industries are finding innovative ways to leverage the power of ecosystems and deliver exponential value to their customers.
The BaNCS Industry Network uses the power of distributed ledger technology (DLT) to enable this. It redefines how organizations collaborate and leverage their collective strengths. With BaNCS Industry Network, an organization can realize its vision of leveraging DLT not only within its own organization but also facilitating the creation of a complete blockchain ecosystem, or participate in one, without the need of intervention from intermediaries.
As an alternative to public blockchain, Permissioned Distributed Ledgers are membership-based and private to the participating peers in B2B scenarios. This meets the needs of enterprise businesses to have a common world state enforced through smart contracts, wherein the participating peers on a permissioned platform share a distributed ledger with private, protected views of their transactions in an enterprise application, while still preserving the transparency, auditability, provenance, and trust of a public blockchain in the consumer space.
Challenge
Organizations across the globe are looking to explore and embrace the benefits of the blockchain technology by leveraging on multiple, meaningful collaborations to open up access to new markets/customer segments and new services.
However, they face challenges in adopting to new workflows and the ways of thinking through planning and development.
Quartz Solution
The BaNCS Industry Network can effectively meet these needs and has been conceived as a strategic solution for TCS BaNCS customers across the banking, market infrastructure, custody, and insurance domains.
It comprises a private, permissioned blockchain ecosystem over which participating TCS BaNCS customers can seamlessly connect to and access information and services from a single ledger. The BaNCS Industry Network brings together various organizations into an ecosystem model, allowing them to access authentic data on a real-time basis from the blockchain.
It comes with a set of business-ready, and “designed for blockchain” smart solutions. The solution is being implemented for leading market infrastructure and capital markets firms across the globe, including:
Support for bond issuance using DLT for one of the largest depositories in India
Integrated crypto custody and transaction processing for a private bank and financial services firm in Switzerland
Pay-by-proxy functionality for Bankserv Africa, a leading payment infrastructure provider in South Africa
Market surveillance across multiple asset classes for a leading exchange and a central bank in the Asia-Pacific region.
Benefits
Facilitates seamless blockchain experimentation and piloting of new business processes amongst a closed user group of organizations.
Provides an opportunity for service expansion into new markets, in collaboration with local entities that are part of the BaNCS Industry Network.
Facilitates instant access to accurate, immutable data on the blockchain.
Eliminates reconciliation issues because of real-time access to information on the ledger.
At Quartz, we already have many clients going into production with blockchain initiatives. These are not pilot projects or experiments, but rather point solutions that are filling white spaces in the business, changing the way business is done today. In our own experience working with customers, we are enabling enterprises to connect blockchain solutions into existing business processes alongside new cross-industry value chains, and even in the intersection between industries.
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