Tech Mahindra is the 5th most extensive IT service in India outlines to invest $100 million in setting up the AI and Blockchain excellence unit in Toronto, Canada.
The blockchain is the invisible technology that is changing the world. Consider Blockchain as a piece of fabric beneath saving everything that results- every digital transaction, exchange of value, goods, and services, or any other confidential data. The data record is interlinking with encrypted blocks which can be unmodifies across the distributed system of the worldwide network.
Many tech giants companies like IBM, Microsoft, and Tech Mahindra are already supporting the innovation of Blockchain technology. The implementation is for the customers to experience everything from global payments to manufacturing products. Therefore, this technology is spreading vigorously because of its vast features.
Recent Support to Blockchain technology
Mahindra Group revealed in 2016 that it is connecting with IBM to advance a “supply chain finance” system built on a ledger.
However, the group has already partaken several blockchain-based projects. In September 2017, the firm publicized that it is functioning with the Power Ledger, a blockchain-based P2P energy trading marketplace.
In December 2017, The Economic Times reported that the firm was emerging on a blockchain-integrated vehicle registration system. Tech Mahindra’s Statement
IT giant Tech Mahindra declared that it would invest $100 million to establish the Center of Excellence in Toronto, Canada.
The announcement was announced when Canada’s Prime Minister Justin Trudeau visited India. It is to discuss the critical matters of counter-terrorism and extremism and to encourage trades.
Tech Mahindra statement stated
“An investment of 100 million dollars (about Rs 510 crore) is plans over next five years to establish a new ‘Center of Excellence’ (COE) in Canada”.
Tech Mahindra’s ‘strategic initiative’ underline on evolving technologies including Artificial intelligence and Blockchain technology. It is intending to cater the developing need for AI and Blockchain application exclusively in the Fintech and Smart City segment.
Further, the statement added
“It will pave the way for Canadians and Indians to access cutting-edge technology. While creating a niche talent pool and job opportunities in next-gen technology areas”.
“Tech Mahindra’s expanded Canadian presence will help foster stronger connections with the Canadian innovation ecosystem. However, both in the business community and in academia”.