Indian conglomerate Mahindra Group’s IT subsidiary, Tech Mahindra, has partnered with American tech company Adjoint. The company is set to launch blockchain use in insurance services and finance management solution.
Blockchain Solution for Financial and Insurance Services
On Monday, CommMEA reported that the solution, which is the first of its kind, will be a game-changer. Using the service will save clients up to $4 million for every $1 billion of financial management and banking relationships. Using blockchain in the insurance and finance sector will ensure that clients receive a seamless and trustworthy experience.
The report indicates that users of the Uplink solution will be able to validate the business case with their own data in a secure environment. It will also help in eliminating double data and out-of-order entries. This will give auditors access to the absolute record of transactions and help to ease compliance and reporting. It will transform data quality and empower users with the responsibility of having accurate data.
The solution, which is an open-source distributed ledger technology platform, will enhance financial compliance. It has a dedicated consensus mechanism and messaging protocol that will let users of the solution determine data to input to the DLT. According to Tech Mahindra, the solution will offer the required efficiency in solving real-world problems in the insurance and financial management sector.
Previous Mahindra Blockchain Initiatives
However, this is not the first time that Tech Mahindra has shown interest in being involved in blockchain technology. The subsidiary has been involved in several initiatives applying blockchain technology. For instance, at the beginning of May, the company announced its involvement in an anti-spam phone calls project. The project entailed relieving mobile phone customers of the nuisance calls by requiring providers to follow regulations set out by India’s Telecom Regulatory Authority.
Equally, back in April, the company announced its collaboration with Samsung. The company was seeking to enter the overseas blockchain space through the Samsung SDS blockchain platform called Nexledger. The companies expect to explore the customizable application of blockchain as per business needs.
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