Tech Mahindra and Adjoint have partnered up to launch a blockchain-based financial management and insurance solution. According to their announcement, Tech Mahindra, the IT subsidiary of India conglomerate Mahindra Group and Adjoint, an American blockchain firm, collaborated to create the first of its kind blockchain solution for financial management and insurance.
The two companies created a solution that will help clients save $4 million in every $1 billion of banking and financial risk management relationships they undertake.
The solution is based on Uplink, an open-source blockchain platform. By using the Uplink platform, the companies have ensured that their solution will improve efficiency, security, and compliance in modern financial processes. Notably, through this solution, auditors will reportedly get access to an immutable record of all transactions.
In addition, the solution comes with a messaging and consensus protocol mechanism. This protocol allows participants in the blockchain ecosystem to agree on the data that will be put in the blockchain ledger.
This new solution would enable individuals to validate the business case with their data in their secure environment and help in eliminating out-of-order and double data entry.
Earlier this year in April, Tech Mahindra created a blockchain-based application to deal with spam calls. This solution was developed in partnership with Microsoft. Tech Mahindra and Microsoft had presented the proof of concept to Telecom Regulatory Authority of India (TRAI). The solution was reportedly in line with new regulations by TRAI which sought to protect mobile phone users from spam calls. The platform was created to eliminate spam calls by storing users contact preferences on the blockchain.
Before the launching the anti-spam blockchain solution, the firm had created a blockchain-based record of audit transactions for one of the largest banks in India.
During the launch, Tech Mahindra’s executive Rajesh Dhuddu stated that the company was significantly invested in harnessing the power of blockchain for various solutions including the manufacturing and financial industries. He said:
At Tech Mahindra, we are betting big on Blockchain as part of our TechMNxt charter, to deliver tangible business value and empower our customers to provide a completely differentiated experience to their end customers.
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