India’s international technology firm Tech Mahindra is ready to test blockchain application in finance and insurance sectors by collaborating with American tech company Adjoint, according to telecom news agency CommsMEA.
Integrating blockchain in the finance and insurance industry will prove to be revolutionary as it’s the first-of-its-kind service to ensure consumers get a reliable and seamless experience. In addition, $1 billion worth of risk management banking can save consumers up to $4 million.
Blockchain is an Uplink-based solution that provides the financial management industry with an open-source distributed technology platform that rapidly promotes the efficiency of transactions through improved security and speed.
With the messaging and consensus protocol mechanism, customers will be able to confirm the data input mode on the blockchain ledger platform and eliminate the possibility of wrong or double entries.
As a matter of fact, this will transform the data quality and trustworthiness since the system, in some way, empowers its users with responsibility for their data accuracy.
Since blockchain boasts of clear and tamper-proof information sharing, the auditor’s job will even be made easier by allowing direct access to the records for verification of compliance.
According to Tech Mahindra, the new technology presents countless possibilities of improvement and solutions like blockchain can bring about in the much-needed efficiency and digital change to address real-world challenges in financial and insurance services sector.
But this is not the first time the Mahindra Group’s subsidiary has considered the potentiality of blockchain technology.
In May, the tech company started an anti-spam phone calls project that would relieve consumers of useless phone calls by necessitating telecom service providers to comply with regulations put in place by the Telecom Regulatory Authority of India.
Back in April, the institution delved into a partnership with Samsung to enter the abroad blockchain market via Samsung SDS’s blockchain network platform known as Nexledger. Together, the companies aim to explore customizable use cases of blockchain in accordance with enterprise needs.