Indian conglomerate Mahindra Group’s IT subsidiary Tech Mahindra has decided to partner with Adjoint, an American distributed ledger technology (DLT) firm, for the purpose of launching a blockchain financial management and insurance solution.
On Sept. 2, CommsMEA, a Telecommunications industry news outlet, reported that the solution — the first of its kind — will allow clients to save $4 million out of every $1 billion financial risk management and banking relationships.
With the new system, users will use their own data kept in their own secure environment to validate the business case, thereby aid elimination of double data and out-of-order entries.
Auditors will rely on an immutable record of all transactions to easily report and comply with the necessary regulations.
UpLink — an open-source DLT platform — is what the system is built upon as it enables compliant modern financial processes management to be run.
Participants in the blockchain ecosystem are able to gauge the data to be put on the distributed ledger via the platform’s dedicated messaging protocol and consensus mechanism.
Other blockchain initiatives
This summer, Tech Mahindra released a blockchain-based anti-spam phone call solution that enables phone companies to protect mobile phone subscribers from unsolicited calls through complying with the regulations of Telecom Regulatory Authority of India’s
In April, Samsung SDS reportedly agreed to collaborate with Tech Mahindra in order to make strides in the overseas blockchain market.