Tata Consultancy Services gains on partnering with B3i
Tata Consultancy Services (TCS) today announced its partnership with B3i Services AG to design, develop & launch ecosystem innovations based on distributed ledger technology (DLT) for the insurance industry.
B3i Services AG is a global industry-led blockchain initiative. Simplistically, a distributed ledger is a consensus of replicated, shared, and synchronised digital data geographically spread across multiple sites. A distributed ledger has no central administrator. It requires a peer-to-peer network as well as consensus algorithms to ensure the undertaking of replication across nodes.
This partnership will help accelerate the digitisation of insurance for faster and more efficient delivery of tailored solutions to support risk managers, insurers, brokers, reinsurers, and industry service providers. Partners and customers will be able to leverage the B3i Fluidity® platform by reusing common components & services.
Banking, financial services & insurance segment is the main revenue contributor of TCS. As of FY20, BFSI contributed nearly 39 per cent of the company’s revenue.
The stock of TCS closed at 2632.65 today, 1.11 per cent higher than its previous day’s close. The intraday high was 2664.75, while its intraday low was 2602.