If a given company has aspirations of success and growth, a forward-thinking approach needs to be in place, and openness towards new technologies is a requirement as well. The blockchain technology needs to be in the agenda.
One of India’s most prominent tech companies, Tech Mahindra, is ready to experiment with the blockchain technology in its quest to improve its operations. Tech Mahindra happens to be the IT arm of the conglomerate Mahindra Group.
Tech Mahindra will join forces with American Distributed Ledger Technology (DLT) company Adjoint, and they will work together to develop and launch a blockchain-based solution for financial management and insurance.
A One of a Kind Product
The piece of news was reported first by specialized news outlet CommsMEA at the start of the week. The article states that the solution that Tech Mahindra and Adjoint will jointly develop is one of a kind, and will allow customers to save $4 million for every $1 billion of financial risk management and banking relationships.
According to the reported news, the new system will let customers validate the business case with their own data in a safe environment, ditching out-of-order and double data entries that are usually problematic.
To facilitate data reporting and to make sure to maintain everything compliant, the auditors will be able to have access to an immutable record of all the associated transactions, one of the key benefits of the blockchain technology.
Reliable User Experience
The aforementioned scenario would allow the two involved enterprises to create a seamless and reliable user experience that is properly backed by data integrity and quality, according to the report.
This unique system will be backed up by UpLink, a DLT platform of the open source variety. It has the objective of facilitating compliant modern financial processes management. Included in the platform is a messaging protocol and consensus mechanism that aims to let all involved parties to determine the data that goes to the distributed ledger.
The report states that the collaboration “is in line with TechMahindra’s TechMNxt charter whose focus is to leverage next generation technologies and solutions like Blockchain. The underlying priority is to enable digital transformation, build and deliver cutting-edge technology solutions and services to address real world problems and meet the customer’s constantly changing needs.”
A Growing Interest in the Blockchain Space
Tech Mahindra has been getting involved with the blockchain technology for several weeks now, as evidenced by the company’s announcement, earlier in the summer, of an anti-spam phone call project based on the world-changing resource.
That solution offers phone providing companies compliance with the Telecom Regulatory Authority of India’s regulations to protect mobile subscribers from unsolicited phone calls in the Asian nation.
A specialized crypto news site reported in the month of April that Samsung SDS had come to an agreement that would allow it to cooperate with Tech Mahindra as the Indian tech company tried to venture into the international blockchain space.
By Andres Chavez