Indian IT Giant Tech Mahindra To Launch Financial Management Solution On Blockchain

Tech Mahindra, the IT division of the Indian conglomerate Mahindra Group, in partnership with DLT-engaged company Adjoint, from America, will launch a blockchain for financial and insurance management, as reported by CommsMEA.

This is the first of its kind solution — due to this service, customers will be able to save $ 4 million for every billion dollars associated with financial risk management and banking relationships. According to the report, users of the new system will be able to validate the business case with their own data in their own secure environment and help eliminate out-of-order and double data entries.

The system is based on UpLink, an open source DLT platform designed to provide interoperable management of modern financial processes. The platform has a special messaging protocol and consensus mechanism that allows participants in the blockchain ecosystem to determine what data is put on the ledger.

Earlier this summer, Tech Mahindra announced the creation of a blockchain-based anti-spam product. This solution will allow telephone companies to comply with Indian regulations to protect mobile phone subscribers from unwanted calls.

Image courtesy of Elets