Tech Mahindra To Launch Blockchain Finance Management
September 3, 2019 9:00 pm
One of Indian top IT giant Tech Mahindra has partnered with Adjoint an American-based distributed ledger technology (DLT) company to launch a blockchain financial management and insurance platform. According to CommsMEA’s report, through the platform, clients can save $4 million for every $1 billion of financial risk management and banking relationships.
The platform will allow its users to validate the business case with their own data in their own secure environment and remove out-of-order and double data entries. The auditors will be given access to an immutable record of all transactions to ease reporting and compliance.
The system is backed by UpLink, an open-source DLT platform which helps enable compliant modern financial processes management. The platform has a dedicated messaging protocol and consensus mechanism which aims to let participants in the blockchain ecosystem establish what data is put on the distributed ledger.
Recently the US Air Force partnered with a Blockchain firm to automate the armed force’s big data management. According to the announcement, data sources like drones, planes, and satellites present unique use-cases for DLT. The firm aims to help secure data silos from traditionally locked sources. However, the Distributed Ledger Technology (DLT) is making its way to the U.S. Air Force.
Last week, HSBC, the multi-national bank became the first bank to complete a transaction on the European blockchain trade platform we.trade. we.trade has initiated the particular project back in 2017. According to the reports by Global Trade Review (GTR), HSBC recently completed a transaction on the platform within the second round of pilots that started in June 2019.