The IT Giant Tech Mahindra has united with American distributer ledger technology firm Adjoint to launch a blockchain insurance and finance management solution.
As per the news on 2nd September, this partnership will help clients to save up to $4 million for every $1 billion of financial risk management and banking relationship.
The new feature in the system will be able to provide the financial management industry an open-source DLT which will enhance the efficiency of transactions through increased security and speed.
The Uplink-based solution will provide the messaging and consensus protocol mechanism facility, where the user can verify data input mode on the blockchain ledger and eliminate the incorrect or dual entries. This will enhance the data quality and reliability with more accurate data for its user. The new system will enable the clients to validate the business cases in their secure environment, with their data.
It will also give empowers the auditors to have access to unchangeable records of all the transaction. It will make the auditor’s job easy with this unchangeable and transparent data sharing technology by giving direct access to records for verification.
The Indian IT giant Tech Mahindra has provided maximum possibilities for rectification and solution so that blockchain can be used more efficiently and tackle the real-world financial and insurance-related problems.
Mahindra group has earlier also participated in the potentiality of blockchain technology. In May this year, it took a project of anti-spam phone calls which will help users to get rid of nuisance phone calls by informing telecom service providers to abide with regulation laid by the TRAI. In April, Samsung also entered the blockchain market via Samsung SDS’s blockchain platform Necledger.
