By Staff Writer
Indian multinational technology company Tech Mahindra, which is aggressively entering the digital space, is all set to test blockchain application in finance and insurance services by collaborating with American tech firm Adjoint, reported telecom news agency CommsMEA.
An Uplink-based solution provides the financial management industry with an open-source distributed ledger technology platform that will enhance the efficiency of transactions through increased security and speed.
With the messaging and consensus protocol mechanism, double or incorrect entry in blockchain ledger can be eliminated and auditor’s job will be made easy.
Meanwhile, this is not the first time the Mahindra Groups subsidiary has delved into blockchain technology.
Earlier in May, it took upon an anti-spam phone calls project that would relieve mobile phone users of nuisance phone calls by necessitating telecom service providers to comply with regulations laid out by the Telecom Regulatory Authority of India (see here).
In April, it partnered with Samsung to enter the overseas blockchain market through Samsung SDS’s blockchain network platform called Nexledger. Together, they aim to explore customizable use cases of blockchain as per enterprise needs.
Blockchain in finance is seen as helping enterprises make massive efficiency gains with $1bn worth of investment in risk management banking estimated to customers up to $4m, the report said.