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Tech Mahindra joins Blockchain ecosystem

Tech Mahindra is a leading Indian multinational company founded in the year 1986 (1) by Anand Mahindra, the chairman of Tech Mahindra. The company’s head office is situated in Pune and registered Office is in Mumbai, Tech Mahindra is a one of the leading provider of Information technology (IT), Business Process Outsourcing (BPO) and Networking technology solutions.

With Cryptocurrencies becoming the next big thing in the world market and the fastest progressing sector in the market, many local and international companies are trying to integrate the blockchain technology into their businesses.

On Thursday, the IT giant Tech Mahindra made an announcement of joining hands with 2014- Stockholm based Blockchain technology company ChromaWay to bring Blockchain technologies to the Indian market. The primary objective of both the companies at the moment is to develop a core ChromaWay technologies to be used in different sectors with a primary focus on land registration and real estate procedures. This will also provide ChromaWay with an opportunity to gain experience in building blockchain technology to the government agencies in Andhra Pradesh and Sweden.

ChromaWay and Tech Mahindra

  • ChromaWay is on the track to seek a good position in the postchain technologies with its new and unique combination of blockchain technology and SQL database. They have recently launched Postchain works with well named and established corporation database like Microsoft, Oracle. This technology is already being used in trials as a part of land registration platform in India as well as Sweden. Andhra Pradesh government has started a partnership with ChromaWay last October to assess with the land registry ledger. Apart from land registry, ChromaWay is also included in supply chain management, trade finance, logistics, supply chain management etc. ChromaWay has also worked with banks, organizations across five different continents.
  • Tech Mahindra also sees the potential of the government partnership to make an impact on its R&D accomplishment. This partnership will also an opportunity to use the open source database technology to bring some good measurable improvement in the society by empowering an individual person, fighting corruption off and supporting collaboration.
  • In the long term, the primary focus point of Tech Mahindra is to provide a whole integrated blockchain transformation by providing infrastructure, platform, networking service provided to the end-to-end blockchain helping in transformation and betterment of its customers. They are also focusing on building an enterprise grade solution to help their customers is all ways possible.
  • According to the company’s statement- Together they aim to build and maintain a strong relationship with the government alongside expanding their course in the neighboring states and areas. The main and primary goal of this partnership is to have an open source technology to empower a rich ecosystem of the applicants in land registration and beyond on a worldwide scale.

Market Force

  • Blockchains have been rapidly gaining popularity in India in both Private sectors as well as with the government. NITI Aayog, recently quoted that it is exploring blockchain technology and applications by developing other proof of the concept in health, education and agriculture sector. According to a recent update, it states that blockchain solution is working to restraint country’s biggest forged drug trade.

According to economic times (2), In February 2018, Maharashtra state government has revealed 5-6 projects to test and examine the blockchain technology.