Tech Mahindra is collaborating with distributed ledger technology (DLT) company Adjoint to develop and release blockchain-powered finance management and insurance solution. Telecom news site CommsMEA broke the news about this latest partnership on Sept. 2.
According to reports, Tech Mahindra’s purported blockchain solution will be a first in many ways. The service will reportedly enable clients to save around $4 million for every billion of banking relationships and financial risk management they conduct.
Safe and Personalized Environment
Users of Tech Mahindra’s system will reportedly be able to authenticate business cases using their own data in a safe and personalized environment. It will also assist in eliminating double data and out-of-order entries.
The solution designed by the Mahindra Group’s subsidiary will reportedly also provide auditors with access to unalterable records of every transaction. This will help facilitate reporting and compliance.
The system developed by Adjoint and Tech Mahindra is said to be based on the open-source DLT platform UpLink. It is aimed at ensuring financial procedures management is compliant. The platform boasts of a dedicated messaging code and consensus device intended to allow participants in the blockchain structure to determine what data is entered in the distributed ledger.
India’s Teelcom Regulatory Authority
This financial management system is the latest offering coming from the India-based IT giant. The company announced a blockchain-founded anti-spam phone call solution several months ago. The initiative would allow phone companies to adhere to the regulations of India’s Telecom Regulatory Authority regarding safeguarding mobile phone users from unsolicited calls.
Tech Mahindra has also entered into an agreement with Samsung SDS in a bid to enter the global blockchain market.