Pune-based information technology (IT) services provider Tech Mahindra has partnered with Massachusetts-based digital solutions startup Adjoint to provide a blockchain solution for financial management and insurance services.
The solution will include features such as a messaging and consensus protocol mechanism through which participants can determine whether data can be added in the blockchain ledger, according to a statement issued by Tech Mahindra.
The blockchain solution is built on Uplink, which is Adjoint’s open-source distributed ledger platform, the statement added.
The application will allow enterprises to deploy, maintain, verify and execute workflows on their business systems. By leveraging the solution, customers will save money spent on financial risk management and banking relationships.
The solution will allow businesses to help eliminate out-of-order and double data entry and improve user experience.
“Tech Mahindra will partner with Adjoint to provide customised 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,” said Rajesh Dhuddu, global head of blockchain, Tech Mahindra.
Founded in 2016, Adjoint uses application programming interface to integrate existing systems and bank accounts to keep a record of transactions.
Earlier this month, Tech Mahindra collaborated with New York-based blockchain solutions developer BlockApps to accelerate the adoption of blockchain networks.
Recently, IT services firm Mindtree announced it had joined open source blockchain community Hyperledger.
In June, digital lending platform MoneyLoji acquired a 51% stake in fin-tech startup Inblox Network for $750,000.