News

Tech Mahindra – First Indian Business to use Blockchain technology in Cross Border Transactions

One of India’s leading corporate, Tech Mahindra, becomes the first to make use of the Marco Polo Network. The IT subsidiary provides digital transformation, consulting, business, reengineering services, and solutions and has now become first in India to provide a platform for international trade finance by leveraging the Marco Polo network. 

Advertisement Advertisement

However, this is not the first time that the firm is dealing with blockchain technology. In fact, it has its own specialized blockchain unit. 

Tech Mahindra is a part of Mahindra Group. For a faster, ambivalent resolution and in order to decrease the paperwork and time, Tech Mahindra is now making use of R3’s Blockchain-based  Marco Polo Network for cross border transactions and with no doubt, the desired results have been achieved. 

Singapore’s DBS bank is the leading trade bank of the company which initiated all year transactions. After the firm and the bank teamed up, they made use of Marco Polo Receivables Discounting product which is designed to help companies optimize their working capital, improve liquidity and mitigate credit risk.

Group head of trade product management at DBS Bank, Sriram Muthukrishnan said that the bank’s goal is to provide an ordered end-to-end trade financing experience for its customers.

About Marco Polo Network

Marco Polo is an association of major global financial and banking institutions that aims to narrow down international trade. The network is built on R3’s open-source blockchain platform Corda.

Tech Mahindra and Blockchain 

The company partnered with the government of one of India’s states,  last month in order to launch a blockchain accelerator. The aim of the accelerator is to encourage the growth of blockchain startups that have strong real-world use cases and to help the industry growth bloom overall.

Tags
Show More

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close