Tech Mahindra, a leading IT Solutions provider, based out of Mumbai is taking big strides towards Blockchain Technology, one step at a time. The company is partnering with some big established players and boosting its workforce to make its presence felt in the blockchain space.
To understand the importance of these decisions, let’s first understand Blockchain.
A Blockchain, previously known as block chain, consists of a growing list or chain of records or blocks which are linked using cryptography. It is often described as an electronic ledger of economic transactions. They can be programmed to record not just financial transactions, but anything and everything with a value attached to it. By design, blockchain data is resistant to modification. Each block contains a cryptic code to the previous block, a timestamp and a transaction data.
The information is a shared database. There is no centralized version of the data stored. Identical blocks of information are stored across the network, hosted simultaneously and accessible to anyone on the internet.
Why Blockchain TechnologyIf you have heard the word Bitcoin, you are looking at blockchain technology. Blockchain technology is being primarily used as a distributed ledger for cryptocurrencies. But that doesn’t restrict the scope of the blockchain. Here’s what blockchain can help you do:
- 🔵 Smart contracts which can be coded to perform simple functions when certain conditions are met, without human intervention.
- 🔵 Cross-border payments or multicurrency transactions can be done easily with less operation cost.
- 🔵 Identity management gets a boost with blockchain’s high security and independent verification process.
- 🔵 Peer-to-peer payments without the facilitators in between.
How Tech Mahindra is Treading the Path of Blockchain Technology
Tech Mahindra recently partnered with Eleven01 Foundation, a blockchain conglomerate. According to the Tech Mahindra company master data the company has also partnered with ChromaWay, a blockchain technology pioneer. All these with the aim to be a prominent face in the blockchain crowd. This is how Tech Mahindra plans to nail the blockchain technology:
- 🔵 Working with Eleven01 Foundation to build an Eleven01 Protocol which focuses on emerging markets for decentralized applications.
- 🔵 Create a blockchain that can interact with other blockchains using the protocol’s ability to interact with other blockchain platforms.
- 🔵 Capitalizing on Eleven01’s rule-based dynamic authentication system.
- 🔵 Tech Mahindra is currently working on some 70+ uses-cases with clients in different sectors.
- 🔵 A Memorandum of Understanding (MoU) has been signed between Tech Mahindra and the Telangana Government to create India’s first blockchain district.
- 🔵 Working with and funding blockchain startups like ChromaWay and Nucleus Vision with the idea to develop solutions to global market problems.
- 🔵 Utilizing the power of blockchain technology to help the public sector and the Government.
- 🔵 The company has launched a BlockGeeks program to train and upskill employees in blockchain technology. It aims at readying 3000 BlockGeeks by FY’19.
The partnerships, training and startups funding are all the right moves that Tech Mahindra is playing to make its way to the blockchain space. This will help in realizing a holistic blockchain transformation to its customers. To know more details about Tech Mahindra, you may visit the companies page on Tofler.in