Specifically, based on UpLink platform, the system offers a messaging protocol and consensus mechanism which helps participants in the blockchain ecosystem establish what data is put on the distributed ledger.
Applying the system into financial management and insurance services, users will be able to validate the business case with their own data in their own secure environment. It also helps exclude out-of-order and double data entries.
Another beneficiary is the auditors. They are authorized access to an immutable record of all transactions, which helps fasten reporting and compliance processes.
This solution is the first of its kind, according to the telecommunications industry news outlet CommsMEA. The platform is said to help reduce extensive costs, i.e. $4 million for every $1 billion of financial risk management and banking relationships.
In April, Tech Mahindra has reportedly teamed up with the enterprise IT subsidiary of Samsung’s group, to push Samsung’s Nexledger blockchain platform around the world,reported by The Crypto Sight on April 18.