The Mahindra Group, an Indian multinational conglomerate headquartered in Mumbai has entered into a partnership with Adjoint, an American distributed ledger technology (DLT) for the creation of a new blockchain platform that will cater to the management and insurance sector. The partnership will be handled through Mahindra’s IT and tech division, Tech Mahindra. The platform is purported as a pioneer solution and is expected to save a lot of money when deployed.
The new platform will allow proper verification and validation of all related business data, making them immutable as is characteristic of blockchain. This feature will also completely remove the possibility of out-of-order or double entries. The system is projected to save at least $4 million for every $1 billion financial risk incurred with management and banking relationships.
The platform is also reportedly based on Uplink, a distributed ledger platform whose open-source nature allows it to take efficiency and security up a notch. In addition, there will be very high transparency because the platform will directly allow all participants of the blockchain solution to agree on what exactly should be recorded on the distributed ledger.
This isn’t the first time Tech Mahindra is dabbling into distributed ledger technology. Back in May, the firm announced that it will be deploying a new blockchain powered, anti-spam call solution which will not only allow relevant telecommunications providers to stay compliant with the Telecom Regulatory Authority of India (TRAI), but also protect end users from unwanted messages.
Image Credits: Stock Photo Credits