Tech Mahindra Joins the Blockchain Club for Consumer Protection
Complying to the Telecom Regulatory Authority of India’s policies, Tech Mahindra announced the deployment of the product that protects the users from unwanted Commercial Communication and spams via the implementation of blockchain technology.
The solution is projected to impact more than 300 million subscribers across India. A Hyderabadi journalist said that Rajesh Dhuddu, the Global Practitioner Leader of Blockchain, Tech Mahindra, spoke that the product caters to the rules that came into existence in July.
He said,
Blockchain is a focus for corporates and government alike, and is expected to be a trillion-dollar market by 2030. With the concerted and coordinated efforts by the Indian government and the industry-backed by appropriate regulation, India can continue to sustain and enhance its leadership position in Blockchain technology. At Tech Mahindra, we are betting big on Blockchain as part of our TechMNxt charter, to deliver tangible business value and empower our customers to provide a completely differentiated experience to their end customers. As part of the TechMNxt charter, Tech Mahindra is progressively investing in next-generation technologies to cater to the customer’s evolving and dynamic needs.
The digital transformation leader has been implementing a holistic system known as Block Ecosystem that contains different levers like Block Studio, Block Talks, Block Engage, Block Geeks, Block Access, Block Accelerate, and Block Value.
Another statement released by the firm pointed out that Tech Mahindra is presenting its Blockchain potential in varied industry sectors like telecom, manufacturing, as well as financial services among many others. Any number of the details, however, were not disclosed due to the silent period.
Joining hands with Adjoint, the distributed ledger technology company to roll out a blockchain financial management and insurance platform is a big move. CommsMEA reported that the product would be the first in its landscape. It will enable the clients to save over $4m to each $1 billion worth of monetary risk management along with the banking associations.
With an auditable recording asset, users would be able to authorize the business strategy to align with their information on a secure ecosystem. It will also remove any possibility of redundant data entries. This information regarding the product has been released in a recent report by the company.
The system will even offer the auditors access to a non-editable record of every trade to aid the reporting and compliance process. The system is built on an open-source platform called UpLink. The platform enables the users to improve efficiency, ensure compliance and tighten the security of modern financial procedures.
Also, Uplink incorporates a messaging practice along with a consensus mechanism. This enables the participants in the blockchain ecosystem to consolidate what information is kept on the distributed ledger.
