Tech Mahindra, Adjoint launched Blockchain Solution for Insurance and Enterprise Financial Management

Tech Mahindra announced a collaboration with the Adjoint to offer a blockchain solution for the insurance and financial management services.

Founded in 2016, London based Adjoint provides a smart contract platform and distributed ledger solutions which are designed to improve security, efficiency, and compliance in modern finance. Adjoint claims their treasury solution helps in transparency, data security, and efficiency for intercompany lending and cash management.

The solution will include the features such as the consensus protocol and messaging mechanism, via which participants can determine whether the data can be added in the blockchain ledger, said the announcement.

The blockchain solution is built on the Open-source distributed ledger platform, Uplink. Adjoint released Uplink project in 2017 and planned to use in the financial sector across banking, capital markets, insurance, asset management, and commodities trading.

Executive Opinion

Global Head Blockchain, Tech Mahindra, Rajesh Dhuddu, said, "Tech Mahindra will partner with Adjoint to provide customized treasury and insurance solutions to Asia, Europe, and the US markets. The solutions will help the clients improve profitability, efficiency, and will help protect sensitive information in general data protection regulation (GDPR) compliant fashion. With Tech Mahindra focusing on the Banking, financial services and insurance (BFSI) sector across the globe, we are happy to collaborate with a financial technology company like Adjoint to enrich our Banking and Insurance Solutions offerings."

Chief Operating Officer, Adjoint, Somil Goyal, said, "Our collaboration with Tech Mahindra will help us bring digital innovation to the corporate treasury and insurance space. Our clients will be able to manage better settlements, loans, and investments that may currently be restricted by corporate divisions, countries, or bank accounts, and thus reduce their working capital needs. Our solutions provide secure, end to end automation of business processes, which reduces costs and eliminates the cumbersome process of data entry and reconciliations, which is common today in banks and corporates."

More about the Tech Mahindra blockchain solution

The application will allow the enterprises to maintain, deploy, verify, and execute workflows on their business systems. By using the solution, customers will save money up to $4 million for every $1 billion spent on banking relationships and financial risks management, the announcement notes.

The solution will allow the businesses to help eliminate out-of-order and double data entry and thus improving user experience.

Previously, Tech Mahindra collaborated with the New York-based blockchain solution developer BlockApps to accelerate the adoption of blockchain business networks.