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When it comes to Blockchain as budding technology and cryptocurrencies as evolving currency system, then it comes forward as the most probable solutions to get rid of bottlenecks that exist in the current system.
The renowned IT subsidiary of Indian conglomerate Mahindra Group’s, Tech Mahindra, who is a leading provider of digital transformation, consulting and business reengineering services and solutions, has announced its collaboration with the US-based ‘Adjoint’ a distributed ledger technology (DLT) firm to unveil a blockchain financial management and insurance solution.
Adjoint is a product and research-driven firm that offers flexible, scalable, best-in-class solutions for global finance to streamline their processes.
As per the announcement, through this solution, clients would reportedly be able to save $4 million for every $1 billion of financial risk management and banking relationships.
The users of the new system would be able to validate the business case with their own data in their own secure environment and help eliminate out-of-order and double data entries.
In order to ease reporting and compliance, auditors can purportedly be given access to an immutable record of all transactions.
The lingering prospects among the Blockchain/FinTech space have led the keen interest continues to mount everywhere, reputed institutions from Big 4 auditing firms to the central banks of advanced economies have been investing into R&D projects of blockchain and cryptocurrency gamut.
Recently, Tech Mahindra’s IT counterpart in the region, TCS’ has also come up with ‘B⍺NCS’ the financial solutions under the flagship company of Tata Consultancy Services (TCS), who pioneered the world’s first overseas securities settlement deploying Quartz blockchain.
