Tech Mahindra, the IT subsidiary of Indian conglomerate Mahindra group, partnered with american distributed ledger technology (DLT) firm Adjoint to launch a blockchain monetary management and insurance solution.

Telecommunications business news outlet CommsMEA reported on Sept. two that the solution is that the 1st of its kind. With this service, shoppers can reportedly be able to save $4 million for each $1 billion of monetary risk management and banking relationships.

Auditable data recording

Per the report, users of the new system will be able to validate the business case with their own information in their own secure environment and facilitate eliminate out-of-order and double data entries.

In order to ease reporting and compliance, auditors will supposedly be access to an immutable record of all transactions.

The system relies on uplink, an open source DLT platform geared toward enabling compliant modern monetary processes management. The stage includes a devoted informing convention and accord instrument intended to let members inside the blockchain framework build up what information is put on the appropriated record.

Previous blockchain initiatives

Earlier this summer, tech Mahindra declared a blockchain-based anti-spam phone call initiative. the solution permits phone corporations to go with the medium regulatory agency of India’s regulations to safeguard mobile phone subscribers from unsolicited calls.

As Top Market Group reported in Apr, Samsung SDS has reportedly agreed to work with tech Mahindra in an effort to enter the overseas blockchain market.

To know more on Cryptocurrency and Blockchain events, follow us on Facebook, YouTube,  Twitter, LinkedIn, Reddit, Telegram, BitcoinTalk, and we are also on Medium now