Tech Mahindra, Adjoint To Launch Blockchain Solution For Secure Enterprise Financial Management
The IT subsidiary of one of the biggest Indian conglomerate, Mahindra Group, has partnered with American blockchain organization Adjoint to launch a blockchain financial management and insurance solution.
Adjoint is a firm that offers blockchain solutions for treasury through smart contracts. The solution provided by the company would enable enterprises to validate the business case with their own data in their own secure environment and help in eliminating out-of-order and double data entry, creating a seamless and reliable user experience.
The head of Global Head Blockchain, Rajesh Dhuddu said:
“Tech Mahindra will partner with Adjoint to provide 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.”
The COO of Adjoint, Somil Goyal added that their joint venture with Tech Mahindra would increase their in-house digital innovation to the corporate treasury and insurance space. Their client will have the ability 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.
“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.”
Notably, through these solutions, customers will be able to save $ 4 million for every USD1 billion of financial risk management and banking relationships. The solution is based on Uplink which is an open-sourced distributed ledge platform designed to improve efficiency, security and compliance in modern financial processes.
Just last year, Tech Mahindra had started to show interest in Distributed Ledger Technologies (DLT). The company was planning on setting up a proper blockchain center within the research department that they would call the Market Lab.