Tech Mahindra an Indian multinational subsidiary of the Mahindra Group has partnered with American distributed ledger technology (DLT) firm Adjoint. They are aiming to launch a blockchain financial management and insurance solution.
CommsMEA recently reported that the solution is the first of its kind. The solution will able clients to save up to $4 million for every $1 billion of financial risk management and banking relationships.
Launching an auditable data recording
Users of the new system will be able to validate the business case with their own data in their own secure environment. This will also help eliminate out-of-order and double data entries as per the report.
The system can also give auditors access to an immutable record of all transactions to help reporting and compliance.
The system is based on UpLink (an open-source DLT platform). UpLink helps improve efficiency, security, and compliance in modern financial processes.
Moreover, Uplink has a messaging protocol and a consensus mechanism. This lets participants in the blockchain ecosystem establish what data is put on the distributed ledger.