Tech Mahindra will use blockchain in financial management and insurance

The IT division of the Indian conglomerate Mahindra Group has entered into an agreement with the American blockchain company Adjoint to launch a solution for financial and insurance management.

The local publication CommsMEA reports that with the system it will allow customers to verify the business case of projects using their own data and in their own secure environment. It will also help eliminate unordered and duplicate data records, and auditors can be granted access to all transactions in a fixed registry.

Note that the blockchain solution is based on the open UpLink platform, which was created to support modern financial processes and meets the requirements of regulators. The platform has a special messaging protocol and consensus mechanism that allow project participants to determine which data to put in a distributed registry.

Earlier it was reported that Tech Mahindra uses blockchain to protect mobile phone subscribers from spam, and in April the company announced its intention to use the Samsung SDS Nexledger blockchain platform.