An IT auxiliary group of Indian conglomerate Mahindra Group, Tech Mahindra, has reportedly collaborated with Adjoint, an American DLT (distributed ledger technology) firm, to develop a blockchain insurance and finance management solution.

As per the report on September 2^nd by CommsMEA, a telecom industry news outlet, this kind of solution is a first to ever happen. Thanks to such a service, the clientele will save $4 million for every $1 billion of risk management and banking relationships.

Auditable data recording

According to the report, the clients of this new system will be enabled to validate the business case in their own secure environment, with their own data, and avoid double data or out-of-order entries.

To simplify compliance and reporting, the auditors will have access to an immutable record of all the existing transactions.

The underlying technology of the system is an open-source DLT platform, UpLink, which aims to allow complaint modern financial process management. The system has a specially made messaging protocol and consensus mechanism to allow users in the blockchain network regulate the data entered on the distributed ledger. 

Previous blockchain initiatives

Earlier this year, Tech Mahindra also launched a blockchain-based anti-spam phone call system. This solution enables telecom operators to comply with the Telecom Regulatory Authority (TRA) of India’s regulations for protecting mobile phone users from spams or unbidden phone calls. 

In April, Samsung SDS had purportedly agreed on cooperating with Tech Mahindra as an attempt to enter the cross-border blockchain market.