Tech Mahindra and Adjoint collaborate on blockchain finserv and insurance solution
Tech Mahindra and Adjoint will be collaborating on a blockchain solution that provides customised treasury and insurance solutions to Asia, Europe and the US markets.
The solution will help the clients improve profitability, efficiency and will help protect sensitive information in general data protection regulation (GDPR) compliant fashion, and is built using Uplink, an open source distributed ledger platform designed to improve efficiency, security and compliance procedures.
It has a messaging and consensus protocol mechanism which participants in the blockchain ecosystem agree on the data to be put in the blockchain ledger and allows enterprises to quickly deploy, maintain, verify and execute secure, multi-party workflows.
Rajesh Dhuddu, global head blockchain, Tech Mahindra, says: “With Tech Mahindra focusing on the Banking, financial services and insurance (BFSI) sector across the globe, we are happy to collaborate with a financial technology company like Adjoint to enrich our banking and insurance solutions offerings.”
Somil Goyal, COO at Adjoint comments: “Our collaboration with Tech Mahindra will help us bring digital innovation to the corporate treasury and insurance space. Our clients will be able 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.”
The Adjoint solution 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 reliable user experience backed by data integrity and quality. Auditors can be given access to an immutable record of all transactions, facilitating reporting and compliance as well.