Tech Mahindra Launching Blockchain Finance Management
By Mark Lemon – Cryptocurrency Specialist
Indian IT giant, Tech Mahindra just partnered with Adjoint, an American Distributed Ledger Technology (DLT) firm to launch a blockchain financial management and insurance solution.
On September 2, telecommunications industry news outlet CommsMEA reported that the solution is the first of its kind. With this, clients are said to save up to $4 million for every $1 billion of financial risk management as well as banking relationships. This solution could be used for retailers buying Crypto as a solution for efficiency, compliance and security.
According to the report, users of the system will be able to validate the business case by comparing it with their own data within their own secure environment and alleviate double data and out-of-order entries. Though no plans have been released to suggest users could buy cryptocurrency on the blockchain, auditors could be provided access to a fixed record of all transactions.
The system is based on an open-source DLT platform, UpLink, which is focused on enabling compliant modern financial processes management. The platform has a dedicated consensus mechanism and messaging protocol that allows participants in the blockchain ecosystem to decide what kind of data can be put on the distributed ledger. This idea is somewhat like other projects in which reputation is used to validate transactions.
Tech Mahindra announced a blockchain-based anti-spam phone call initiative earlier this summer. This solution permits phone companies to comply with the Telecom Regulatory Authority based on India’s regulations to safeguard phone subscribers from uninvited calls. Though India currently bans operators of cryptocurrencies, they are keen to develop and integrate blockchain technology.
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