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Indian IT firm Tech Mahindra, in partnership with fintech company Adjoint, has announced what it claims to be the industry’s first blockchain solution for secure enterprise financial management and insurance.
The objective is to create a seamless and reliable customer experience across locations. According to a press release, the solution is built on Uplink, an open-source distributed ledger platform launched by Adjoint in 2017.
Uplink has been designed to improve efficiency, security and compliance in modern financial processes. Its messaging and consensus protocol mechanism allows network participants to agree on the data to be put in the blockchain ledger. It enables enterprises to quickly deploy, maintain, verify and execute secure, multi-party workflows.
Using this solution, enterprises would be able to validate the business case with their own data in their own secure environment. By eliminating out-of-order and double data entry, the solution will help create a seamless and reliable user experience backed by data integrity and quality, the release said.
In addition, it could also facilitate reporting and compliance by giving auditors access to an immutable record of all transactions.
“Our collaboration with Tech Mahindra will help us bring digital innovation to the corporate treasury and insurance space. Our clients will be able to better manage settlements, loans and investments that may currently be restricted by corporate divisions, countries, or bank accounts, and thus reduce their working capital needs,” Somil Goyal, Chief Operating Officer, Adjoint, said.
“Our solutions provide secure, end to end automation of business processes which reduces costs and eliminates the cumbersome process of data entry and reconciliations, which is common today in banks and corporates.”
Rajesh Dhuddu, Global Head Blockchain, Tech Mahindra, said that the collaboration will work towards providing customized treasury and insurance solutions to Asia, Europe, and the US markets.
“The solutions will help the clients improve profitability, efficiency and will help protect sensitive information in general data protection regulation (GDPR) compliant fashion,” he added.
Earlier this month, BlockApps partnered with Tech Mahindra to accelerate the adoption of blockchain business networks. In May, reports suggested that Tech Mahindra was going to roll out a blockchain-based solution to protect mobile phone subscribers from unsolicited Commercial Communication (UCC) or spam calls in India. It has also partnered with Samsung SDS to drive the global expansion of the latter’s enterprise blockchain platform ‘Nexledger’.
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