The multinational Indian IT giant, Tech Mahindra will launch a solution for blockchain finance management and insurance. For this initiative, the firm is partnering with the American fintech startup Adjoint. This solution of Tech Mahindra is the foremost blockchain financial solution to roll out.

The new system uses an open-source DLT platform UpLink. It aims to allow the new compliant financial processes management. Also, it has a separate messaging protocol and consensus mechanism that enables the blockchain ecosystem members to set up data on the distributed ledger.

The system will help the users to save up to $4 million for every $1 billion of financial risk management. Moreover, it’s users can authorize the business case via own data and that too within a safer environment. Subsequently, it will remove out-of-order and double data registration. The auditors will also have access to the record of all immutable transactions to streamline compliance and reporting, the source states.

Earlier in April, Tech Mahindra announced to collab with Samsung SDS to make use of the latter’s blockchain-based technology Nexledger. It is a payment service and digital identification tool which is based on Blockchain that came into existence in 2017. This technology is based on the open-source blockchain technologies such as the Hyperledger Fabric and Ethereum.