Tata Consultancy Services Ltd.

Tata Consultancy Services (TCS) has successfully completed a Proof of Concept (PoC) around a blockchain-based non-exchange trade settlement using TCS' Quartz Blockchain Solution.

Developed in collaboration with the Canadian Depository for Securities (CDS), a wholly-owned subsidiary of TMX Group, the PoC is part of a large market infrastructure transformation program leveraging TCS BaNCS for Market Infrastructure, aimed at the modernization of depository, clearing and settlement services in Canada.

The PoC helped demonstrate how Delivery versus Payment (DVP) trade settlement can be completed using tokenized assets held on the Quartz blockchain ledger. It used a unique co-existent architecture comprising conventional and blockchain technologies, leveraging TCS' Quartz Blockchain Solution's support for co-existence and a choice of messaging standards, including ISO/FIX/FIXML etc, for data exchange with the ledger. In addition, it can be extended in the future to support interoperability with external blockchain networks, such as for cash settlement.

TCS is an IT services, consulting and business solutions provider that has been partnering with the world’s largest businesses in their transformation journeys for the last fifty years.