It’s fair to say that we are living in interesting technological times. In addition to the rapid expansion of the Internet of Things (IoT) and all that implies, we are also in the midst of other emerging disruptive technologies and regulatory shifts like the GDPR that will do much to shape the way people across the world interact. One technology in particular which looks set to create significant disruption to the present status quo is blockchain.
While blockchain has been closely connected to the cryptocurrency bitcoin, its application in another context has the power to introduce a new era of transparency as it facilitates collaboration and tracking of all kinds of transactions and interactions. Its true beauty as a technology is its ability to empower all its users democratically in an open source platform – a peer-to-peer global distributed database that is both highly secure and structured that ensures all information is documented in a concatenated chain of digital assets.
I’ve never seen a technology that I thought had greater potential for humanity.
In an interview with Mckinsey, Don Tapscott described the scope of this technology as far-reaching – and not just for the financial services industry which is its logical first arena for application. With respect to the IoT Tapscott predicts the creation of a blockchain settlement system underneath to handle the trillions of real-time transactions that will take place between connected devices. It seems logical that these two technologies emerging at approximately the same time would be there to synergize and facilitate our digital future. Tapscott’s conclusion is clear when he says: ‘I’ve never seen a technology that I thought had greater potential for humanity,’ and 1 billion USD of venture capital in the technology up to this point confirms other people’s belief in it too.
Keeping a close eye on the future, TCS has been using its Digital Reimagination center in Santa Clara California to enable customers and partners to take these technologies and rapidly ideate bold new innovations and industry-changing concepts in unique and novel ways. The California base has been host to a growing list of IoT solutions and is attracting new clients and building partnerships with great success. In near time it hopes to extend the same possibilities to clients on the East Coast in New York and onwards to London as a European hub with the development of two new centers.
It’s clear now that IoT and indeed blockchain will find their way into the very fabric of society and TCS will be leading that change in retail, banking, insurance, and more – the list of possibilities is truly endless. TCS will continue to consolidate its base in IoT implementations across sectors moving from its present strengths in industrial IoT application to extend to a framework for the growing market in consumer wearables and the fully connected homes of the future. For a look at what the fourth industrial revolution will bring through the lens of IoT, read the full TCS report here. And for TCS perspective on blockchain’s application in the financial industry, click here.