Indian multinational technology company Tech Mahindra is all set to test blockchain application in finance and insurance services by collaborating with American tech firm Adjoint, telecom news agency CommsMEA reports on Monday.
Bringing blockchain to the finance and insurance sector will prove to be game-changing as it is the first-of-its-kind initiative to ensure customers get a trustworthy and seamless experience.
Moreover, one billion dollars ($1 billion) worth of risk management banking can save customers up to four million dollars ($4 million).
Introducing blockchain application in finance and insurance
An Uplink-based solution provides the financial management industry with an open-source distributed ledger technology platform that drastically enhances the efficiency of transactions through increased security and speed.
With the messaging and consensus protocol mechanism, the users will be able to verify the data input mode on the blockchain ledger and eliminate the possibilities of incorrect or double entries. As a matter of course, this will radically transform the data quality and reliability as the system, in a way, empowers its users with responsibility for their data accuracy.
As blockchain boasts of tamper-proof and transparent data sharing, the auditors’ jobs will be made easy by giving direct access to the records for verification of compliance.
According to the tech giant, the new generation technology presents endless possibilities of enhancement and solutions like blockchain can bring in the much-needed efficiency and digital transformation to tackle real-world problems in financial and insurance services industry.
Meanwhile, this is not the first time the Mahindra Groups subsidiary has delved into the potentiality of blockchain technology. Earlier in May, it took upon an anti-spam phone calls project that would relieve mobile phone users of nuisance phone calls by necessitating telecom service providers to comply with regulations laid out by the Telecom Regulatory Authority of India.
In April, it partnered with Samsung to enter the overseas blockchain market through Samsung SDS’s blockchain network platform called Nexledger. Together, they aim to explore customizable use cases of blockchain as per enterprise needs.