Blockchain This Week: Tech Mahindra’s Partnership On Blockchain, KBA Innovation Club Launch And More

As Kerala government-backed Kerala Blockchain Academy continues to make buzz for its collaborations across the world, IT companies such as TCS, Infosys and Tech Mahindra and banks, are actively looking to invest in blockchain.

In the latest development, Indian IT giant Tech Mahindra and US-based fintech company Adjoint have announced to collaborate for Industry’s first blockchain solution for secure enterprise financial management and insurance.

UAE’s Abu Dhabi Commercial Bank (ADCB) has partnered with Singapore-based blockchain platform dltledgers. With this collaboration, the bank aims to digitise trade finance for its customers. According to reports, ADCB is the first bank in the UAE to run the end-to-end blockchain trade finance transaction with full document automation through the distributed ledgers platform, offering corporate customers efficiencies and faster access to cash.

Let’s take a look at this week’s developments!

Tech Mahindra, Adjoint To Collaborate On Blockchain

IT company Tech Mahindra has partnered with US-based fintech firm Adjoint and announced the industry’s first blockchain solution for secure enterprise financial management and insurance services across locations to create a seamless and reliable customer experience.

With this solution, Tech Mahindra estimates that customers will be saving up to $4 Mn for every $1 Bn of financial risk management and banking relationships. The solution is built upon Uplink, an open-source distributed ledger platform designed to improve efficiency, security and compliance in modern financial processes.

It has a messaging and consensus protocol mechanism through which participants can agree on the data entered into the blockchain ledger. It allows enterprises to quickly deploy, maintain, verify and execute secure, multi-party workflows.

According to Rajesh Dhuddu, global head blockchain, Tech Mahindra, the solutions will help clients improve profitability, efficiency and protect sensitive information in general data protection regulation (GDPR) compliant fashion.

KBA Launches Innovation Hub For Students, Academia

Last week, we saw Kerala Blockchain Academy (KBA)’s partnership with R3 Corda come to the light,  and now the government-backed blockchain academy has now joined hands with the University of Nicosia (UNIC) and Block.co, a blockchain-based startup from Cyprus, to launch Kerala Blockchain Academy Innovation Club (KBAIC).

The KBAIC aims to help students from academic institutions across the country to explore deep into the potential of blockchain technology. The Club would also provide students an opportunity to work closely with experts and experiment with the latest advancements in blockchain.

According to reports, KBA has trained close to 1,000 candidates in multiple streams of blockchain technology since its inception in 2017.

Times Group Invests $6.5 Mn In Singapore-Based Indorse

Brand Capital, the strategic investment arm of India’s leading media house Bennett Coleman & Co. Ltd (Times Group) agreed to invest up to US$ 6.5 Mn in the Singapore-based skills verification platform Indorse.

UK-based blockchain venture builder, advisor and investor Coinsilium Group also holds a 10% equity in Indorse. Indorse is also delivering assessment services for Rolls Royce in Singapore which is organising a ‘Hackathon’ for blockchain solutions. Indorse completed a similar project in June 2019 for Grab, Asia’s largest ride-hailing service (Grab acquired Uber in SEA in 2018).

To help expand its market in India, the Times Group has helped the company participate in events in Bangalore and Mumbai, leveraging its media assets and connections.

Nomura Holdings, Research Institute Establish JV

Nomura Holdings and Nomura Research Institute (NRI) have announced that they have established a new JV called BOOSTRY, which will use blockchain to develop a platform for exchanging securities and other rights.

BOOSTRY will bring together people from Nomura and NRI with expertise in areas such as finance, legal affairs, blockchain technology and IT solutions. Leveraging this expertise, the new company aims to build a new platform to support corporate clients with the issuance and distribution of securities and other rights.